Daniel Muñiz Quintanilla
NOVAGOLD RESOURCESAbout Daniel Muñiz Quintanilla
Independent director of NOVAGOLD (NG) since 2023; age 51. Founding Partner at Axkan Capital Partners S.L.; previously CFO of Grupo México, CEO of Industrial Minera México, and Managing Director/Executive Vice Chair of Americas Mining (Grupo México). Holds a law degree (Universidad Iberoamericana), LL.M. (Georgetown University), and MBA (Instituto de Empresa, Spain). Core credentials span international law, M&A, capital markets, mining finance, and corporate leadership .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Americas Mining (Grupo México) | Managing Director (CEO) & Executive Vice Chair | 2014–2018 | Led holding company of Grupo México’s mining division |
| Industrial Minera México (Grupo México) | Managing Director (CEO) | 2010–2014 | Ran underground mining division |
| Grupo México | Chief Financial Officer | 2007–2014 | Finance, capital markets, M&A leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| First Majestic Silver Corp. | Director | Current | Public company directorship |
| Brookfield Infrastructure Partners LP | Director | Current | Public company directorship |
| Tharsis Mining S.L. | Director | Current | Private copper-focused company |
| Sunshine Silver Mining & Refining Co. | Director & Special Advisor to Chair | Current | Electrum portfolio company (interlock) |
| Sinda Ltd. | Director & Special Advisor to Chair | Current | Electrum portfolio company (interlock) |
| Gatos Silver, Inc. | Director | 2021–Jan 2025 | Company faced filing delays and cease-trade orders in 2022; remedied by June 29, 2023 |
| Hudbay Minerals Inc. | Director | 2019–May 2024 | Public company directorship |
Board Governance
| Item | Detail |
|---|---|
| Independence status | Independent |
| Board/Committee memberships | Board; Compensation Committee; Engineering & Technical Committee |
| Committee chair roles | None (Compensation chaired by Kalidas Madhavpeddi; E&T chaired by Kevin McArthur) |
| Attendance (FY2024) | Board 6/6; Compensation 4/6; E&T 4/4; overall 88% |
| AGM attendance (May 16, 2024) | Attended |
| 2024 AGM support | 95.99% votes in favor |
| Executive sessions | Independent directors meet after each regular Board meeting |
Fixed Compensation
| Component (FY2024) | Amount ($) | Notes |
|---|---|---|
| Cash fees | 36,000 | Retainer/meeting fees |
| Annual Board retainer (structure) | 42,800 | 50% paid in DSUs minimum |
| Meeting fees (structure) | 1,100 per meeting | Applies to Board/Committee meetings |
| Committee chair fee (structure) | 17,000 | Unified across all committees starting FY2025 |
Performance Compensation
| Instrument | Grant details | Vesting/Performance | FY2024 Value/Units |
|---|---|---|---|
| DSUs | Quarterly in arrears; directors may elect 50–100% of retainer in DSUs | Vests upon retirement from Board; not performance-based | $32,100; total FY2024 DSUs earned 10,452 (Q1:2,225; Q2:2,733; Q3:2,512; Q4:2,982) |
| Stock Options | Non-Canadian directors granted 81,600 options (Dec 1, 2023 grant) | Time-based: 1/3 vest on each of first, second, third anniversaries; 5-year term; not tied to operating metrics | Grant date fair value $148,512 |
Performance metrics tied to director compensation: None disclosed for DSUs or options (awards are time-based, aligning pay with share price performance rather than operational KPIs) .
Other Directorships & Interlocks
- Electrum interlock: Mr. Muñiz serves at Sunshine Silver Mining & Refining Co. and Sinda Ltd., both Electrum portfolio companies; Electrum is NOVAGOLD’s largest shareholder (~25.36%), and NG’s Chair, Dr. Thomas Kaplan, is CEO/Chair of The Electrum Group. This creates potential influence pathways and perceived conflicts, though the Board classifies Mr. Muñiz as independent .
- Sector overlaps: Current/public roles at First Majestic Silver and Brookfield Infrastructure Partners expand industry reach; prior tenure at Hudbay and Gatos Silver adds mining governance experience. Gatos experienced reporting delays and cease trade orders in 2022 before remediation (context for governance diligence) .
Expertise & Qualifications
- Disciplines: International law, M&A, capital markets/finance in mining, logistics, infrastructure .
- Education: Law (Universidad Iberoamericana), LL.M. (Georgetown University), MBA (Instituto de Empresa) .
Equity Ownership
| Measure (as of Nov 30, 2024 unless noted) | Amount | Notes |
|---|---|---|
| Common shares held (for guideline) | Nil | Share ownership table shows DSUs only |
| DSUs held (for guideline) | 10,198 | Valued at $37,325 using $3.66 share price |
| Beneficial ownership (SEC definition) | 77,281 | Includes 60,534 options exercisable within 60 days |
| Options exercisable within 60 days | 60,534 | Included in beneficial ownership |
| Ownership % of outstanding | <1% | Based on 334,646,571 shares outstanding |
| Director ownership guideline | $128,400 (3× retainer); deadline May 2028 | Currently at 29% of requirement; prohibition on hedging/pledging |
Governance Assessment
- Strengths
- Independent status; relevant committee roles (Compensation; Engineering & Technical); solid Board attendance (100%) and full AGM attendance; strong cross-border mining/finance expertise .
- Equity-heavy compensation (DSUs/options) and mandatory ownership guideline support alignment; anti-hedging/anti-pledging policy reduces misalignment risk .
- Watch items / RED FLAGS
- Electrum interlocks (roles at Electrum portfolio companies; Electrum is controlling shareholder; Chair leads Electrum) create potential perceptions of influence or related-party conflicts; Board discloses these relationships explicitly .
- Compensation Committee attendance at 4/6 (66.7%) is below perfect engagement, though overall attendance is 88% and above the 75% threshold; monitor year-ahead participation given compensation oversight importance .
- Historical association with Gatos Silver during a period of filing delays and cease-trade orders (subsequently remedied) suggests sensitivity to disclosure controls and governance rigor in complex situations .
Implications: While Mr. Muñiz brings valuable mining finance and M&A expertise, the Electrum connections warrant ongoing scrutiny in related-party contexts, and sustained high engagement on Compensation Committee matters would bolster investor confidence in pay governance .