Fiscal year 2025 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.
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.
| 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.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| William Heissenbuttel | RSU | — | — | — | 200,000 | — | $200,000 |
| Martin Raffield | RSU | — | — | — | 100,000 | — | 100,000 |
| Randy Shefman | RSU | — | — | — | 100,000 | — | 100,000 |
| Paul Libner | RSU | — | — | — | 100,000 | — | 100,000 |
| Daniel Breeze | RSU | — | — | — | 100,000 | — | 100,000 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| William Heissenbuttel | $200,000 | $0 | $0 | 0.0% |
| Martin Raffield | 100,000 | 0 | 0 | 0.0% |
| Randy Shefman | 100,000 | 0 | 0 | 0.0% |
| Paul Libner | 100,000 | 0 | 0 | 0.0% |
| Daniel Breeze | 100,000 | 0 | 0 | 0.0% |
% 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 |
|---|---|---|---|---|
| Paul Libner | RSU | 1,177 | — | $261,635 |
| William Heissenbuttel | RSU | 7,420 | — | 1,649,392 |
| Paul Libner | RSU | 3,180 | — | 706,882 |
| Paul Libner | RSU | 2,840 | — | 631,304 |
| Daniel Breeze | RSU | 967 | — | 214,954 |
| William Heissenbuttel | Option | 7,810 | 124.6 | — |
| Martin Raffield | RSU | 740 | — | 164,495 |
| Randy Shefman | Option | 2,560 | 124.6 | — |
| Randy Shefman | RSU | 3,070 | — | 682,430 |
| Randy Shefman | RSU | 2,560 | — | 569,062 |
| Daniel Breeze | Option | 3,500 | 84.64 | — |
| Martin Raffield | RSU | 3,070 | — | 682,430 |
| William Heissenbuttel | RSU | 8,310 | — | 1,847,230 |
| William Heissenbuttel | RSU | 3,187 | — | 708,438 |
| Daniel Breeze | RSU | 2,780 | — | 617,966 |
| Martin Raffield | RSU | 2,460 | — | 546,833 |
| Randy Shefman | RSU | 1,050 | — | 233,405 |
| William Heissenbuttel | Option | 3,910 | 121.12 | — |
| William Heissenbuttel | Option | 15,520 | 139.84 | — |
| 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 | — |
| Daniel Breeze | RSU | 3,360 | — | 746,894 |
Our fundamental compensation philosophy is to recruit, retain, and reward high-performing individuals who will bring value to Royal Gold in a variety of ways: (1) Drive growth and profitability (2) Increase long-term value for our stockholders (3) Manage Royal Gold in a responsible and sustainable manner and in the best interests of stockholders, employees, and other stakeholders (4) Maintain our reputation for management excellence and financial performance.
| CEO STI target (% of salary) | 110% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Independent Compensation Consultant (name not disclosed in CD&A) |
| 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 · Audit · Compensation · Nominating/Governance | $215,000 | $149,971 | — | — | — | $364,971 |
| Kevin McArthurIndependent · Audit · Compensation · Nominating/Governance · Departed during FY | 39,500 | 241,340 | — | — | — | 280,840 |
| Sybil VeenmanIndependent · Audit · Compensation · Nominating/Governance | 125,000 | 149,971 | — | — | — | 274,971 |
| Jamie SokalskyIndependent · Audit · Compensation · Nominating/Governance | 123,500 | 149,971 | — | — | — | 273,471 |
| Fabiana ChubbsIndependent · Audit · Compensation · Nominating/Governance | 104,500 | 149,971 | — | — | — | 254,471 |
| Ronald VanceIndependent · Audit · Compensation · Nominating/Governance | 98,500 | 149,971 | — | — | — | 248,471 |
| Mark IstoIndependent · Audit · Compensation · Nominating/Governance | 56,192 | — | — | — | — | 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 | Royal Gold | 2025 | William Heissenbuttel | $918,000 | $2,759,437 | $0 | $1,400,000 | $5,230,084 |
| — | OR Royalties Inc. | — | — | — | — | — | — | not in coverage universe |
| — | 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 |
| — | Wheaton Precious Metals Corporation | — | — | — | — | — | — | not in coverage universe |
| — | Hecla Mining Company | — | — | — | — | — | — | 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 (Total Stockholder Return) relative to precious metals peer group | Independent Compensation Consultant (name not disclosed in CD&A) |
| 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. | 127.79% | PSU 50 · RSU 50 | Yes — Absolute TSR | 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.
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: t37 · r2 · c12 · span 361652–361661 |
| 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: t37 · r4 · c12 · span 374007–374016 |
| 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: t37 · r3 · c12 · span 367826–367835 |
| 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: t37 · r6 · c12 · span 386355–386364 |
| 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: t37 · r5 · c12 · span 380184–380193 |
| 6 | 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 ↗machine: span 1314240–1314247 |
| 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, 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 ↗ |
| 9 | 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 ↗ |
| 10 | 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 ↗ |
| 11 | Section 07, pay ratio | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “CEO Pay Ratio”. As printed: 11.2 : 1. Filing ↗ |
| 12 | Section 08, William Hayes | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 364,971. Filing ↗machine: t114 · r2 · c4 · span 1171404–1171411 |
| 13 | Section 08, Kevin McArthur | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 280,840. Filing ↗machine: t114 · r5 · c4 · span 1180407–1180414 |
| 14 | Section 08, Sybil Veenman | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 274,971. Filing ↗machine: t114 · r8 · c4 · span 1188976–1188983 |
| 15 | Section 08, Jamie Sokalsky | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 273,471. Filing ↗machine: t114 · r6 · c4 · span 1183271–1183278 |
| 16 | Section 08, Fabiana Chubbs | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 254,471. Filing ↗machine: t114 · r3 · c4 · span 1174264–1174271 |
| 17 | Section 08, Ronald Vance | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 248,471. Filing ↗machine: t114 · r7 · c4 · span 1186119–1186126 |
| 18 | Section 08, Mark Isto | DEF 14A | 2026-04-03 | 0000085535-26-000018 | Section “Director Compensation”. As printed: 56,192. Filing ↗machine: t114 · r4 · c1 · span 1175739–1175745 |
| 19 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 20 | Section 03b vehicle mix (computed) | 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 |
| 21 | Section 09b board cost (computed) | 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 |
| 22 | 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: t37 · r2 · c12 · span 361652–361661 |
| 23 | Section 10a, SSR Mining Inc. reciprocity | DEF 14A | — | 0000921638-26-000047 | SSR Mining Inc.'s most recent proxy was read; its disclosed peer group does not include Royal Gold. Filing ↗ |