Gerald W. Grandey
About Gerald W. Grandey
Independent Chairman of the Board at Rare Element Resources Ltd. (REEMF) since June 10, 2015; director since August 2, 2013. Age 79. Former CEO of Cameco; geophysical engineering degree (Colorado School of Mines) and law degree (Northwestern University). Recognized as one of Harvard Business Review’s Top 100 CEOs (2010); multiple industry honors including Canadian Mining Hall of Fame (2013). Brings deep mining leadership and technical expertise.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Cameco Corporation | Chief Executive Officer (prior senior roles) | 18 years; retired 2011 | Drove shareholder value; HBR Top 100 CEO (2010) |
| Concord Services; Energy Fuels Nuclear | Senior executive | Not disclosed | Mining sector operating leadership |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| World Nuclear Association (London) | Chairman Emeritus | Not disclosed | Nuclear industry leadership recognition |
| Colorado School of Mines | Former Chairman, Board of Governors | Not disclosed | Academic governance leadership |
| Nutrien Ltd. | Director | 2018–2019 | Public company board experience |
| Potash Corporation of Saskatchewan | Director | 2011–2018 | Public company board experience |
| Cameco Corporation | Director | 1999–2011 | Public company board experience |
| Centerra Gold Inc. | Director | 2004–2010 | Public company board experience |
| Inmet Mining Corporation | Director | 2012–2013 | Public company board experience |
| Sandspring Resources Ltd. | Director | 2010–2015 | Public company board experience |
| Bruce Power Corporation | Director | 2002–2011 | Energy infrastructure governance |
| Canadian Oil Sands Limited | Director | 2011–2016 | Energy sector board experience |
No current external public company directorships disclosed (beyond REEMF).
Board Governance
| Attribute | Detail |
|---|---|
| Board role | Independent Chairman of the Board (since June 10, 2015) |
| Independence | Independent; Board not majority independent (2 of 7 independent) |
| Committees | Audit Committee member (Brundage Chair; members: Brundage, Grandey, Saxton) |
| Nominating/Compensation | Not a member; NCG&C comprised of Champine (Chair), Bartels, Hickey, Saxton (only Saxton independent) |
| Director since | August 2, 2013 |
| Board attendance (2024) | 11 meetings held; no incumbent director attended <75% |
| Executive sessions (2024) | 2 sessions of independent directors without management |
| Board leadership | Separate Chair (independent) and CEO roles; Chair oversees independent supervision |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Annual retainer (Grandey) | $40,000 fees earned | $81,500 fees earned (as Board Chair) |
| Standard director annual fee (policy) | $16,000 for non-employee directors; Chair +$24,000; Audit Chair +$11,000; NCG&C Chair +$7,000 | $55,500 for non-employee directors; Chair $81,500; Audit Chair $67,500; NCG&C Chair $67,500 |
| Payment cadence | Paid quarterly, pro rata [—] | Paid quarterly, pro rata |
Performance Compensation
| Equity/Options | 2023 | 2024 |
|---|---|---|
| Option awards (grant-date fair value) | $105,099 (option awards) | $0 (no option awards) |
Outstanding options held (as of Dec 31, 2024):
- 150,000 options @ $0.83; 150,000 @ $2.25; 300,000 @ $1.42; 300,000 @ $0.38 (aggregate listed for Grandey)
No director performance metrics (e.g., TSR or ESG targets) are tied to director compensation in the disclosures.
Other Directorships & Interlocks
- Majority shareholder Synchron (affiliated with General Atomics) designates three directors; Grandey is not a Synchron designee and is independent.
- Synchron designees (Bartels, Brundage, Champine) waive director compensation, underscoring majority-owner influence but reducing direct cash outlay; no similar arrangement for Grandey.
Expertise & Qualifications
- Technical and legal credentials: Geophysical engineering (Colorado School of Mines) and J.D. (Northwestern University).
- Recognitions: Canadian Mining Hall of Fame (2013); Canadian Nuclear Association’s Ian McRae Award (2012); U.S. NEI William S. Lee Award (2014).
- Financial literacy: Audit Committee states Grandey is “financially literate” under NI 52-110; Audit Chair is the designated financial expert.
Equity Ownership
| Metric | 2024 (as of 6/28/2024) | 2025 (as of 7/16/2025) |
|---|---|---|
| Beneficial ownership (incl. options exercisable within 60 days) | 5,672,260 (includes 900,000 options) | 5,530,943 (includes 750,000 options) |
| Percent of class | 1.11% (of 511,111,557 shares) | 1.07% (of 516,134,712 shares) |
| Shares vs options breakdown | 4,772,260 shares; 900,000 options (counted in 60-day ownership) | 4,780,943 shares; 750,000 options (counted in 60-day ownership) |
Ownership alignment: Non‑Synchron directors are encouraged to hold common shares (no formal equity ownership guideline disclosed).
Governance Assessment
-
Positives
- Independent Chair with deep sector expertise and meaningful personal stake (~1.07% of shares) supports investor alignment and board oversight.
- Audit Committee membership and financial literacy enhance oversight of financial reporting and risk.
- Strong shareholder support in 2024 director election (For 398,543,930; Withheld 4,206,681; Broker non-votes 27,562,905).
- Adequate engagement signals: 11 board meetings; no director below 75% attendance; independent executive sessions held.
-
Risks/Red Flags
- Board not majority independent (2 of 7 independent), with three Synchron-affiliated directors (majority owner). Elevates potential influence risk; mitigated partially by independent Chair.
- NCG&C Committee has only one independent member, raising compensation/governance process independence concerns.
- Related‑party context: Significant Cost Share Agreement with General Atomics (Synchron affiliate); no specific involvement by Grandey disclosed, but overall ecosystem reliance on affiliates is notable.
-
Conflicts/Related Party (person-specific)
- No related‑party transactions involving Grandey disclosed.
-
Director Compensation Mix & Trends
- 2024 moved to higher fixed cash retainers (Chair: $81.5k) versus 2023 ($40k), while no 2024 option grant to Grandey (2023 award $105.1k). Indicates a shift toward cash over equity for directors in 2024.
-
Shareholder Voting/Engagement
- 2024 AGM: All nominees elected; strong support for Grandey and auditors.
Overall: Grandey’s independence, industry stature, and equity ownership are positive for board effectiveness. Key governance risk remains concentrated control by Synchron and sub‑majority independent board/NCG&C composition, which investors should monitor, though mitigated by an independent Chair structure.