Lina Vingerhoets
SOUTHERN COPPER CORP/About Lina Vingerhoets
Comptroller (Principal Accounting Officer) of Southern Copper Corporation (SCCO) since April 28, 2016; previously Assistant Comptroller (Apr 2015–Apr 2016) and held roles in accounting, financial planning, finance, internal control, and SEC reporting since 1991. As of April 2016, she was 55, is a Peruvian Certified Public Accountant, and holds Accounting and MBA degrees from Universidad del Pacífico (Lima), with Controller responsibilities at the Peruvian Branch since July 2015 . Company TSR and financial performance during her tenure are shown below to contextualize pay-for-performance and governance alignment .
Company Performance (context)
| Metric | FY 2021 | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|---|
| Revenue ($USD) | $10,934,100,000 | $10,047,900,000 | $9,895,800,000 | $11,433,400,000 |
| EBITDA ($USD) | $6,871,100,000* | $5,232,100,000* | $5,052,200,000* | $6,426,300,000* |
| Net Income ($USD) | $3,397,100,000 | $2,638,500,000 | $2,425,200,000 | $3,376,800,000 |
- Values with asterisk retrieved from S&P Global (GetFinancials).
| Pay vs Performance (selected) | FY 2020 | FY 2021 | FY 2022 | FY 2023 |
|---|---|---|---|---|
| SCCO Total Shareholder Return (value of $100) | 56.8 | -0.3 | 3.5 | 49.1 |
| Peer Group TSR (S&P Metals & Mining Select Industry Index) (value of $100) | 14.4 | 34 | 11.5 | 20.1 |
| SCCO Net Income ($USD mm) | 1,570.4 | 3,397.1 | 2,638.5 | 2,425.2 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Southern Copper (Peruvian Branch) | Controller | Since Jul 2015 | Oversight of Peruvian Branch financial reporting and controls |
| Southern Copper Corporation | Comptroller | Since Apr 28, 2016 | Principal Accounting Officer; SEC reporting oversight |
| Southern Copper Corporation | Assistant Comptroller | Apr 2015–Apr 2016 | Transition to Comptroller; support consolidation/reporting |
| Southern Copper (Peruvian Branch) | Internal Control lead | 2013–2015 | Led internal control function |
| Southern Copper (Peruvian Branch) | Accounting Quality & SEC Reporting | 2006–2015 | Quality of accounting and SEC reporting |
| Southern Copper (Peruvian Branch) | Finance/Planning roles | Since 1991 | Various finance/accounting roles |
Fixed Compensation
Multi-year summary compensation (gross annual):
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($USD) | $90,478 | $92,697 | $92,456 |
| Bonus ($USD) | — | — | — |
| All Other Compensation ($USD) | $132,408 | $143,694 | $160,427 |
| Total ($USD) | $222,886 | $236,391 | $252,883 |
Detailed All Other Compensation components:
| Component | FY 2023 ($USD) | FY 2024 ($USD) |
|---|---|---|
| Profit sharing (Peru mandated) | $68,716 | $85,648 |
| Legal holiday/Labor Day/Miners’ bonuses (Peru mandated) | $23,575 | $23,514 |
| CTS deposit (Peru mandated severance accrual) | $12,539 | $12,506 |
| Vacation bonus & travel (Company program) | $9,104 | $9,081 |
| Quinquenio (5% benefit per 5 years of service) | $27,809 | $27,737 |
| Company car/driver (security, local practice) | Benefit provided; not quantified | Benefit provided; not quantified |
Notes:
- SCCO characterizes car/driver as integral to duties and security, not a personal benefit .
- Peruvian and Mexican compensation elements are mandated by local law as applicable; cash bonuses are discretionary and not paid every year .
Performance Compensation
SCCO does not use pre-established financial performance metrics or long-term equity incentives for executive compensation; cash incentive payments, when awarded, are discretionary and not tied to specific targets .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable (no formal performance-based plan for executives) | — | — | — | Discretionary if any | — (no equity plan) |
Equity incentives:
- No options or equity awards have been granted since 2000; none outstanding or vested at FY-end 2023/2024 .
Clawbacks and hedging:
- Clawback policy adopted in 2023 in compliance with NYSE/SEC rules; SCCO notes it does not utilize financial performance-based measures to compensate executive officers .
- Hedging strongly discouraged; any hedging requires pre-clearance with General Counsel/Secretary/Assistant Secretary .
Equity Ownership & Alignment
Beneficial ownership of SCCO common stock:
| Holder | Date | Shares Beneficially Owned | % of Outstanding |
|---|---|---|---|
| Lina Vingerhoets | Mar 31, 2024 | 0 | 0.0% of 773,113,269 |
| Lina Vingerhoets | Mar 27, 2025 | — (none listed) | — |
Related holdings (Grupo México, SCCO’s indirect parent):
- Lina Vingerhoats/Vingerhoets beneficially owned 16,000 shares of Grupo México as of Dec 31, 2023 and Dec 31, 2024 (less than 0.5% of GMEXICO) .
Ownership practices/policies:
- No SCCO equity ownership guidelines or pledging disclosures for executives found in proxy; hedging requires pre-clearance per policy .
Employment Terms
- Employment start/tenure: Comptroller since Apr 28, 2016; various roles since 1991 .
- Contracts: Peruvian Named Executive Officers (including Ms. Vingerhoets) do not have employment agreements; CEO has expatriate agreement .
- Severance: Under Peruvian law, dismissed employees without cause may be entitled to 1.5× monthly salary per year of service up to a maximum of eight years or 12 months’ salary; CTS deposits accrue annually and are withdrawable at termination (2023 CTS deposit for Ms. Vingerhoets: $12,539; 2024 CTS deposit: $12,506) .
- Non-compete/Non-solicit/Garden leave: Not disclosed in SCCO filings reviewed.
- Insider trading policy: SCCO’s Securities Law Compliance Policy governs purchases/sales; hedging discouraged and requires pre-clearance .
Investment Implications
- Pay-for-performance alignment: Compensation for Ms. Vingerhoets is primarily fixed salary plus legally mandated Peruvian benefits; SCCO does not use pre-set performance metrics or long-term equity, limiting direct linkage to TSR or financial targets .
- Insider selling pressure: No SCCO equity grants outstanding and zero SCCO share ownership reduce vesting-driven selling pressure; hedging discouraged via policy .
- Retention risk: Long tenure (since 1991; Comptroller since 2016) and participation in mandated profit sharing and quinquenio benefits suggest stable retention levers; absence of employment agreement implies statutory protection rather than contractual severance .
- Governance considerations: Strong say‑on‑pay support (99.03% approval in 2023) and adoption of clawback policy reflect investor-aligned governance, though the controlled company structure and lack of performance-based pay are atypical for large-cap peers .
Education and credentials, tenure, and role scope indicate operational and reporting expertise; however, the absence of equity-based incentives and formal performance metrics means alignment relies on statutory profit sharing and governance policies rather than conventional executive equity ownership .