TORONTO and CAMBRIDGE, Mass., Nov. 24, 2022 /PRNewswire/ - The Bedford Group/TRANSEARCH today announced publication of the 2022 Executive & Board Compensation Report covering the clean technology sector. The Bedford Group/TRANSEARCH analyzed compensation data and insights from over 155 Canadian and international companies for this report, including over 695 named executive officers and 830 board members. The data for this report was collected from companies across multiple segments within the clean technology sector, including renewable energy, smart grid technology, sustainable transportation, water and waste management, agri-environment, biofuels and others.
Despite the difficult economic climate – recession fears, soaring inflation, difficulties in deal flow and financing opportunities, continued supply chain issues, intense talent scarcity, and slowed economic growth – the clean technology sector continues growing quickly, as global economies increase their efforts to fulfill net zero pledges by 2050 and ESG commitments.
"Many countries, including Canada and the US, have significantly increased government spending to counter the economic impacts of the pandemic, and a lot of this spending has benefitted the clean technology industries," said Amrit Sandhu, a senior client partner at The Bedford Group/TRANSEARCH who specialized in power and industrial technology. This is particularly true in Canada, which ranks among the top greenhouse gas-intensive countries in the world, on a per-capita basis.
Driven by continued government and corporate investment, clean technology sector jobs are expected to grow by a whopping 50% by 2030, according to Clean Energy Canada. The high job growth rate in the sector, combined with the current talent crisis, has created intense talent shortages across all levels of employment from support staff to leadership. As a result, total compensation levels for named executive officers have increased significantly relative to 2020, driven by stronger equity positions offered, particularly amongst smaller companies. A trend toward higher base salaries is expected next year as companies re-evaluate their executive compensation strategies to stay competitive among peers looking to attract talent.
"Over the past year, we also noticed a significant trend toward companies assigning a group or functional President to oversee the operational management of their clean technology initiatives or divisions," said Sandhu. "At the median, total compensation for President roles varied from $877,590 for companies with market cap values under $400 million to $2,569,991 for companies with market cap values over $4 billion," Sandhu continued.
The 2022 Executive Compensation Report for Clean Technology can be found here.
Bedford Group/TRANSEARCH is one of the Top 10 largest retained executive search firms in the world, with 60 offices in 40 countries. With North American offices based in Cambridge, Massachusetts and Toronto, Canada, Bedford provides premium executive search, compensation strategy, and talent management solutions to a diverse group of clean technology clients of all sizes across the world. In addition to retained executive search and compensation strategy, Bedford provides services in succession planning, culture, organizational strategy, diversity and inclusion, leadership assessment and virtual onboarding.
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SOURCE Bedford Group Transearch