CEO William Heissenbuttel was paid $5,230,084 in fiscal year 2025, ↑ up 25.0% from fiscal year 2024, the 1st percentile of its disclosed peer group (SEC filing 0000085535-26-000018 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
$5,230,084 ↑ William Heissenbuttel total, FY2025 | 1st CEO pay percentile vs peers | 11.2:1 CEO-to-median pay ratio | — Say-on-pay support, latest vote |
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RGLD's next annual pay disclosure, estimated April 2, 2027.est. Filing ↗
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| William Heissenbuttel | $918,000 | $100,000 | $2,759,437 | $0 | $1,400,000 | $0 | $52,647 | $5,230,084 |
| President and CEO | ||||||||
| Daniel Breeze | 552,609 | 50,000 | 1,117,846 | 0 | 690,158 | 0 | 67,083 | 2,477,696 |
| SVP, Corporate Development, RGLD Gold AG | ||||||||
| Paul Libner | 492,000 | 50,000 | 1,056,710 | 0 | 615,000 | 0 | 42,638 | 2,256,348 |
| SVP and CFO | ||||||||
| Randy Shefman | 475,000 | 50,000 | 1,018,632 | 0 | 592,000 | 0 | 44,409 | 2,180,041 |
| SVP and General Counsel | ||||||||
| Martin Raffield | 475,000 | 50,000 | 1,018,632 | 0 | 591,000 | 0 | 44,294 | 2,178,926 |
| SVP, Operations | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| William Heissenbuttel | $5,230,084 | $4,184,508 | $4,282,057 | ↑ +1,045,576 |
| Daniel Breeze | 2,477,696 | 1,844,638 | 1,688,794 | ↑ +633,058 |
| Paul Libner | 2,256,348 | 1,777,173 | 1,776,358 | ↑ +479,175 |
| Randy Shefman | 2,180,041 | 1,669,384 | 1,661,566 | ↑ +510,657 |
| Martin Raffield | 2,178,926 | 1,596,460 | 1,339,721 | ↑ +582,466 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
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Each company listed discloses RGLD in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named RGLD in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
One page per director: the seat, the committees and the fee table, read for one person at a time.
| Director | Role | FY2025 total |
|---|---|---|
| Fabiana Chubbs | Independent Director | $254,471 |
| Jamie Sokalsky | Independent Director | $273,471 |
| Kevin McArthur | Former director (through FY2025) | $280,840 |
| Mark Isto | Independent Director | $56,192 |
| Ronald Vance | Independent Director | $248,471 |
| Sybil Veenman | Independent Director | $274,971 |
| William Hayes | Independent Director | $364,971 |
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Paul Libner | RSU | 2025-02-27 | — | — | 3,180 | — | $461,227 |
| Martin Raffield | RSU | 2025-02-27 | — | — | 3,070 | — | 445,273 |
| Daniel Breeze | RSU | 2025-02-27 | — | — | 3,360 | — | 487,334 |
| William Heissenbuttel | RSU | 2025-02-27 | — | — | 8,310 | — | 1,205,282 |
| William Heissenbuttel | PSU | 2025-02-27 | — | 8,430 | — | 16,860 | 1,554,155 |
| Randy Shefman | RSU | 2025-02-27 | — | — | 3,070 | — | 445,273 |
| Daniel Breeze | PSU | 2025-02-27 | — | 3,420 | — | 6,840 | 630,511 |
| Paul Libner | PSU | 2025-02-27 | — | 3,230 | — | 6,460 | 595,483 |
| Martin Raffield | PSU | 2025-02-27 | — | 3,110 | — | 6,220 | 573,360 |
| Randy Shefman | PSU | 2025-02-27 | — | 3,110 | — | 6,220 | 573,360 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Paul Libner | $461,227 | $595,483 | $0 | 56.4% |
| Martin Raffield | 445,273 | 573,360 | 0 | 56.3% |
| Daniel Breeze | 487,334 | 630,511 | 0 | 56.4% |
| William Heissenbuttel | 1,205,282 | 1,554,155 | 0 | 56.3% |
| Randy Shefman | 445,273 | 573,360 | 0 | 56.3% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Randy Shefman | RSU | 2,560 | — | $569,062 |
| William Heissenbuttel | Option | 15,520 | 139.84 | — |
| William Heissenbuttel | PSU | 11,300 | — | 2,511,877 |
| William Heissenbuttel | PSU | 9,700 | — | 2,156,213 |
| Paul Libner | RSU | 3,180 | — | 706,882 |
| William Heissenbuttel | PSU | 8,430 | — | 1,873,905 |
| Martin Raffield | RSU | 740 | — | 164,495 |
| William Heissenbuttel | RSU | 8,310 | — | 1,847,230 |
| William Heissenbuttel | RSU | 7,420 | — | 1,649,392 |
| Paul Libner | PSU | 4,320 | — | 960,293 |
| Daniel Breeze | PSU | 4,240 | — | 942,510 |
| Randy Shefman | PSU | 3,900 | — | 866,931 |
| Martin Raffield | PSU | 3,740 | — | 831,365 |
| Paul Libner | PSU | 3,580 | — | 795,798 |
| Daniel Breeze | PSU | 3,420 | — | 760,232 |
| Daniel Breeze | RSU | 3,360 | — | 746,894 |
| Paul Libner | PSU | 3,230 | — | 717,997 |
| Randy Shefman | PSU | 3,190 | — | 709,105 |
| William Heissenbuttel | RSU | 3,187 | — | 708,438 |
| Martin Raffield | PSU | 3,110 | — | 691,322 |
| Randy Shefman | PSU | 3,110 | — | 691,322 |
| Martin Raffield | RSU | 3,070 | — | 682,430 |
| Randy Shefman | RSU | 3,070 | — | 682,430 |
| Daniel Breeze | PSU | 2,950 | — | 655,756 |
| Paul Libner | RSU | 2,840 | — | 631,304 |
| Daniel Breeze | RSU | 2,780 | — | 617,966 |
| Martin Raffield | RSU | 2,460 | — | 546,833 |
| Martin Raffield | PSU | 2,250 | — | 500,153 |
| Paul Libner | RSU | 1,177 | — | 261,635 |
| Daniel Breeze | Option | 3,500 | 84.64 | — |
| Randy Shefman | RSU | 1,050 | — | 233,405 |
| Daniel Breeze | RSU | 967 | — | 214,954 |
| Martin Raffield | PSU | 190 | — | 42,235 |
| Randy Shefman | Option | 2,560 | 124.6 | — |
| William Heissenbuttel | Option | 7,810 | 124.6 | — |
| William Heissenbuttel | Option | 3,910 | 121.12 | — |
| Daniel Breeze | Option | 5,460 | 124.6 | — |
| Daniel Breeze | Option | 6,250 | 139.84 | — |
| Randy Shefman | Option | 1,010 | 121.12 | — |
| Randy Shefman | Option | 4,570 | 139.84 | — |
The executive compensation program consists of base salary, a short-term cash incentive, long-term equity incentive awards, and modest fixed benefits. The majority of target compensation for the CEO is performance-based and not guaranteed, with an emphasis on long-term equity ownership to align executive interests with stockholders.
| CEO STI target (% of salary) | 110% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | WTW |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
| Ratio (CEO : median employee) | 11.2 : 1 |
|---|---|
| CEO total compensation | $5,230,084 |
| Median employee compensation | $467,055 |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| William HayesIndependent · Nominating/Governance (Chair) · CNG · Audit | $215,000 | $149,971 | — | — | — | $364,971 |
| Kevin McArthurIndependent · Departed during FY | 39,500 | 241,340 | — | — | — | 280,840 |
| Sybil VeenmanIndependent · Nominating/Governance (Chair) · CNG (Chair) | 125,000 | 149,971 | — | — | — | 274,971 |
| Jamie SokalskyIndependent · Audit | 123,500 | 149,971 | — | — | — | 273,471 |
| Fabiana ChubbsIndependent · Nominating/Governance · CNG · Audit | 104,500 | 149,971 | — | — | — | 254,471 |
| Ronald VanceIndependent · Audit · CNG | 98,500 | 149,971 | — | — | — | 248,471 |
| Mark IstoIndependent · Partial-year service · Newly elected | 56,192 | 0 | — | — | — | 56,192 |
| Annual cash retainer | $70,000 |
|---|---|
| Annual equity retainer | $150,000 |
| Per board meeting fee | $1,500 |
| Committee chair fees (audit / comp / nom-gov) | 25,000 / 25,000 / 25,000 |
| Stock ownership guideline | $600,000 |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $762,192 |
| Equity awards (grant-date value) | $991,195 |
| All other compensation | $0 |
| Total cost of the board | $1,753,387 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Royal Gold names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Royal Gold.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Hecla Mining Company | 2025 | Rob Krcmarov | $850,000 | $2,800,534 | $0 | $1,598,850 | $5,453,167 |
| 2 | Royal Gold | 2025 | William Heissenbuttel | 918,000 | 2,759,437 | 0 | 1,400,000 | 5,230,084 |
| — | Pan American Silver Corp. | — | — | — | — | — | — | not in coverage universe |
| — | SSR Mining Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Triple Flag Precious Metals Corp | — | — | — | — | — | — | not in coverage universe |
| — | Alamos Gold Inc. | — | — | — | — | — | — | not in coverage universe |
| — | B2Gold Corp. | — | — | — | — | — | — | not in coverage universe |
| — | OR Royalties Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Wheaton Precious Metals Corporation | — | — | — | — | — | — | not in coverage universe |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Royal Gold | 138.6% | RSU 50 · PSU 50 | Yes — TSR Relative to Certain Enumerated Precious Metals Companies | WTW |
| Alamos Gold Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| B2Gold Corp. | not disclosed | not disclosed | not disclosed | not disclosed |
| Hecla Mining Company | not disclosed | not disclosed | not disclosed | not disclosed |
| OR Royalties Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Pan American Silver Corp. | not disclosed | not disclosed | not disclosed | not disclosed |
| SSR Mining Inc. | not disclosed | PSU 50 · RSU 50 | No | Pay Governance LLC |
| Triple Flag Precious Metals Corp | not disclosed | not disclosed | not disclosed | not disclosed |
| Wheaton Precious Metals Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, William Heissenbuttel | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Summary Compensation Table” · page 60. As printed: 5,230,084. Filing ↗machine: r2 · c8 · span 1909864–1909873 |
| 2 | Section 01, Daniel Breeze | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Summary Compensation Table” · page 60. As printed: 2,477,696. Filing ↗machine: r8 · c8 · span 1942052–1942061 |
| 3 | Section 01, Paul Libner | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Summary Compensation Table” · page 60. As printed: 2,256,348. Filing ↗machine: r5 · c8 · span 1925685–1925694 |
| 4 | Section 01, Randy Shefman | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Summary Compensation Table” · page 60. As printed: 2,180,041. Filing ↗machine: r14 · c8 · span 1973759–1973768 |
| 5 | Section 01, Martin Raffield | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Summary Compensation Table” · page 60. As printed: 2,178,926. Filing ↗machine: r11 · c8 · span 1957903–1957912 |
| 6 | Section 03, Paul Libner RSU | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗ |
| 7 | Section 03, Martin Raffield RSU | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗ |
| 8 | Section 03, Daniel Breeze RSU | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗ |
| 9 | Section 03, William Heissenbuttel RSU | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗ |
| 10 | Section 03, William Heissenbuttel PSU | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗machine: span 1996227–1996236 |
| 11 | Section 03, Randy Shefman RSU | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗ |
| 12 | Section 03, Daniel Breeze PSU | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗ |
| 13 | Section 03, Paul Libner PSU | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗machine: span 1999081–1999088 |
| 14 | Section 03, Martin Raffield PSU | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗ |
| 15 | Section 03, Randy Shefman PSU | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Grants of Plan-Based Awards in” · grants of plan-based awards table. Filing ↗ |
| 16 | Section 07, pay ratio | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “CEO Pay Ratio”. As printed: 11.2 : 1. Filing ↗ |
| 17 | Section 08, William Hayes | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 364,971. Filing ↗machine: span 1170775–1171512 |
| 18 | Section 08, Kevin McArthur | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 280,840. Filing ↗machine: span 1179781–1180515 |
| 19 | Section 08, Sybil Veenman | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 274,971. Filing ↗machine: span 1188348–1189084 |
| 20 | Section 08, Jamie Sokalsky | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 273,471. Filing ↗machine: span 1182642–1183379 |
| 21 | Section 08, Fabiana Chubbs | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 254,471. Filing ↗machine: span 1173636–1174372 |
| 22 | Section 08, Ronald Vance | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 248,471. Filing ↗machine: span 1185490–1186227 |
| 23 | Section 08, Mark Isto | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 56,192. Filing ↗machine: span 1175252–1175846 |
| 24 | Section 01 trend, Δ column (computed) | Computed | — | — | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 25 | Section 03b vehicle mix (computed) | Computed | — | — | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 26 | Section 09b board cost (computed) | Computed | — | — | Cash 762,192 + equity 991,195 + all other 0 = 1,753,387, summed across the director compensation table rows.machine: formula: Σ = 1,753,387 |
| 27 | Hecla Mining Company, Section 10b CEO total | DEF 14A | 2026-04-10 | 0001193125-26-151210 | CEO total compensation as printed in Hecla Mining Company's own proxy. As printed: 5,453,167. Filing ↗machine: r2 · c31 · span 1145489–1145498 |
| 28 | Royal Gold (subject), Section 10b CEO total | DEF 14A | 2026-04-03 | 0000085535-26-000018 | CEO total compensation as printed in Royal Gold's own proxy. As printed: 5,230,084. Filing ↗machine: r2 · c8 · span 1909864–1909873 |
| 29 | Section 10a, SSR Mining Inc. reciprocity | DEF 14A | — | 0000921638-26-000047 | SSR Mining Inc. names Royal Gold in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 30 | Section 10a, Hecla Mining Company reciprocity | DEF 14A | — | 0001193125-26-151210 | Hecla Mining Company names Royal Gold in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
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