Raúl Jacob Ruisanchez
SOUTHERN COPPER CORP/About Raúl Jacob Ruisanchez
Raúl Jacob has served as Vice President, Finance; Chief Financial Officer since April 18, 2013 and was appointed Treasurer on April 28, 2016; he has held roles in financial planning, treasury, corporate finance, investor relations, and project evaluation at SCCO since 1992 . He holds an economics degree from Universidad del Pacífico (Lima), a Master’s from the University of Texas at Austin, and executive programs from Stockholm School of Economics and IE Business School (Madrid) . Recognition includes Institutional Investor’s top CFO in the Latin America mining industry in 2021 and multiple top-three rankings from 2014–2020 . Company proxy and 10-K disclosures do not provide individual TSR, revenue growth or EBITDA growth tied to his tenure or compensation metrics; the company states it does not utilize financial performance-based measures for executive compensation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Southern Copper Corporation | Vice President, Finance; CFO | Apr 18, 2013 – present | Finance leadership; oversight of FP&A, corporate finance, IR, project evaluation |
| Southern Copper Corporation | Treasurer | Apr 28, 2016 – present | Treasury and capital allocation leadership |
| Southern Copper Corporation | Comptroller | Oct 27, 2011 – Apr 18, 2013 | Financial reporting, controls, SEC reporting leadership |
| SCCO Peruvian Branch; Southern Peru Limited (subsidiary) | Director of Controller & Finance (Peru Branch); VP & CFO (Southern Peru Limited) | Sep 2011 onward | Regional finance leadership across Peru operations |
| Southern Copper Corporation | Various finance roles | 1992 onward | Financial planning, corporate finance, IR, project evaluation |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Peruvian National Mining, Oil and Energy Association | President | Jan 2021 – Jan 2023 | Industry leadership; policy advocacy in Peru |
| Peruvian National Mining, Oil and Energy Association | Board & Executive Committee Member | Current | Ongoing governance and strategy contributions |
| Universidad del Pacífico (MBA Program) | Consulting Board Member | Current | Academic advisory; talent and curriculum alignment |
| IPAE Strategic Studies Center | President | Feb 2007 – Mar 2010 | Thought leadership; national strategic studies |
| American Chamber of Commerce of Peru | President, Finance Affairs Committee | 2004 – 2006 | Business community finance policy leadership |
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary (USD) | $147,946 | $151,575 | $151,179 |
| Discretionary Cash Bonus (USD) | $— | $— | $16,798 |
| Total Cash Compensation (Salary + Bonus) (USD) | $147,946 | $151,575 | $167,977 |
| All Other Compensation (USD) | $237,146 | $257,074 | $290,898 |
| Total Reported Compensation (USD) | $385,092 | $408,649 | $458,875 |
Bonuses are discretionary and not tied to pre-established performance targets; SCCO does not use financial performance-based measures to compensate executive officers .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Discretionary Cash Bonus (2024) | None (discretionary) | N/A | N/A | $16,798 (paid) | Paid currently |
| Peruvian Mandated Profit Sharing | Statutory formula: 8% of pre-tax branch profits allocated to employees; capped at 18x monthly salary per employee | Statutory | N/A | $137,539 (2024); $104,777 (2023) | Paid in cash; annual |
| Peruvian Holiday/Labor/Miners’ Bonuses | Statutory (Independence Day, Christmas, Labor Day, Miners’ Day) | Statutory | N/A | $38,938 (2024); $39,040 (2023) | Paid in cash; annual |
| CTS (Compensación por Tiempo de Servicios) Deposit | Statutory severance savings deposit (one-twelfth of certain annual compensations) | Statutory | N/A | $21,967 (2024); $20,621 (2023) | Bank deposit; withdrawable at termination (with 2024 exception in Peru) |
SCCO has not granted options or equity incentive awards since 2000; no outstanding equity awards as of Dec 31, 2024 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| SCCO Common Stock Beneficial Ownership (as of Mar 27, 2025) | 0 shares; percent of outstanding “(b) Less than 0.5%” in table context |
| Grupo México (GMEXICO) Beneficial Ownership (as of Dec 31, 2024) | 92,223 shares; less than 0.5% of GMEXICO outstanding |
| Options/RSUs/PSUs | None granted since 2000; none outstanding or vested as of Dec 31, 2024 |
| Stock Ownership Guidelines (Executives) | Not disclosed |
| Hedging/Pledging | Hedging strongly discouraged; requires pre-clearance with detailed justification and two-week notice; policy filed with 10-K. No pledging policy disclosure found |
| Insider Trading Policy | Securities Law Compliance Policy governs trading; hedging provisions highlighted |
Employment Terms
| Element | Terms |
|---|---|
| Tenure/Start | With SCCO since 1992; Comptroller 2011–2013; CFO since Apr 18, 2013; Treasurer since Apr 28, 2016 |
| Employment Agreement | Peruvian Named Executive Officers (including Mr. Jacob) do not have employment agreements; CEO is an expatriate with a one-year agreement renewable under Peruvian law |
| Severance | Per Peruvian law: if dismissed without cause, entitled to 1.5 times monthly salary per year of service up to a maximum of eight years or the equivalent of twelve months of salary; fixed-term contracts: salary through remaining term; CTS funds withdrawable at termination |
| Change-of-Control | Peruvian Named Executive Officers do not have change-of-control employment agreements |
| Clawback Policy | Adopted in 2023 per NYSE/SEC rules (Rule 10D-1); recovery of erroneously awarded incentive-based compensation tied to misstated financials; company notes it does not use financial performance-based measures for executive compensation |
| Perquisites | Company-provided car and driver; vacation bonus and travel; quinquenio (5% of monthly salary per five years of service); affiliate director fees ($25,200 for Coimolache) |
| Pension | Covered by Peru’s mandatory AFP system; monthly salary percentage deposited into individual accounts; in 2024, Mr. Jacob received AFP-related payment of $5,472 |
Investment Implications
- Pay-for-performance alignment: Executive compensation is predominantly salary and statutory benefits; discretionary bonuses are not based on pre-established performance metrics, and SCCO does not utilize financial performance-based measures for executives, limiting direct alignment to TSR/revenue/EBITDA outcomes .
- Insider selling pressure: No SCCO equity ownership reported (0 shares), and no options or equity awards outstanding, reducing potential insider selling overhang for SCCO stock; hedging transactions are restricted by policy .
- Retention and incentives: Compensation includes meaningful statutory profit-sharing tied to branch profits, holiday bonuses, quinquenio, and CTS deposits, providing cash variability linked to company profitability in Peru; absence of long-term equity could limit lock-in, but legal severance protections and tenure may mitigate retention risk .
- Governance context: Controlled company structure; Compensation Committee met once in 2024; clawback policy in place per listing rules; no executive change-of-control agreements, and Peruvian legal framework governs severance .
Related-party context: Extensive intra-group transactions with Grupo México and affiliates (services, freight, power), but no disclosures of transactions specifically tied to Mr. Jacob beyond standard affiliate director fees .
Detailed “All Other Compensation” Components (Mr. Jacob)
| Component | 2023 Amount (USD) | 2024 Amount (USD) |
|---|---|---|
| Profit Sharing (Peruvian Branch) | $104,777 | $137,539 |
| Holiday/Labor/Miners’ Bonuses | $39,040 | $38,938 |
| CTS Deposit | $20,621 | $21,967 |
| Vacation Bonus & Travel | $14,924 | $14,885 |
| Quinquenio (5% per five-year service) | $45,472 | $45,353 |
| Affiliate Director’s Fees (Coimolache) | $25,200 | $25,200 |
| AFP-related payment | Not separately itemized in 2023 table | $5,472 |
2022 component-level detail was not itemized in documents reviewed; total “All Other Compensation” was $237,146 .
Committee/Governance Snapshot
| Item | Detail |
|---|---|
| Controlled Company Status | Grupo México owns 88.9% of SCCO common stock (Dec 31, 2024) |
| Compensation Committee (2024) | Germán Larrea (Chairman), Oscar González Rocha (CEO), Leonardo Contreras (Director), Enrique Castillo (Independent Director); met once in 2024 |
| Insider Trading Policy | Securities Law Compliance Policy filed with 10-K; hedging strongly discouraged with pre-clearance required |
We do not provide compensation tied to specific pre-determined individual or Company performance criteria or long-term incentive compensation… The granting of the award and the amount of each award are discretionary and substantially uncertain until we decide to award them. **[1001838_0001558370-25-004735_scco-20250523xdef14a.htm:25]**
Investment Implications
- Minimal SCCO equity exposure and absence of long-term equity incentives indicate low direct alignment with shareholder value creation measures; compensation leans on statutory profit-sharing and discretionary bonuses without defined performance metrics .
- Limited risk of forced selling from vesting/unlock cycles given no SCCO options/RSUs; hedging restrictions further reduce complex insider monetization risks .
- Retention appears supported by tenure and statutory frameworks (profit sharing, CTS, severance per law), though lack of multi-year performance-contingent equity could make retention more dependent on local labor economics and discretionary awards .
- Governance oversight reflects controlled company dynamics; investors should weigh parent-company influence and related-party transactions with Grupo México when assessing incentive structures and potential conflicts .