Daniel Malchuk
SSR MININGAbout Daniel Malchuk
Independent director at SSR Mining since January 2024; age 59; based in Las Condes, Santiago, Chile. Civil Industrial Engineer (Universidad de Chile) and MBA (UCLA Anderson), with 30+ years in global mining operations and strategy (ex-BHP President Operations, Minerals Americas; prior leadership across Copper, Base Metals, Exploration, Strategy/Development). SSR board tenure ~1 year with strong engagement (27/28 board meetings; 8/9 TSS committee) and independence affirmed by the Board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BHP | President Operations, Minerals Americas; prior President of Copper; President of Aluminum/Manganese/Nickel; President, Minerals Exploration; VP Strategy & Development | Through 2020 | Led Americas portfolio including Chile copper mines, South America JVs, Canadian potash project; global copper exploration oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Franco-Nevada Corporation | Director | Current | Public royalty/streaming company director |
| Jetti Resources | Chairman | Current | Technology company in copper leaching |
| Appian Capital Advisory | Senior Advisor | Current | Private mining investment advisor |
Board Governance
- Committee assignments: Member, Technical, Safety & Sustainability (TSS) Committee; Board committees comprise entirely independent directors.
- Attendance and engagement: 27/28 Board meetings; 8/9 TSS; overall 95% in 2024 amid 28 total Board meetings driven by the Çöpler incident, indicating high engagement.
- Independence status: Determined independent; all Board committees are fully independent.
- Skills: Corporate finance & capital allocation; risk management; M&A; mining operations; EHS&S; human capital management.
- Board size/tenure context: Nine directors; average tenure ~4.3 years; recent refresh added Malchuk in Jan-2024 to bolster hard rock mining experience.
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer (non-exec director) | $100,000 | Standard director cash retainer |
| Committee chair fees | $25,000 (Audit/TSS); $20,000 (Compensation); $15,000 (Other) | Malchuk is not a chair; no chair fees in 2024 |
| Lead Independent Director cash premium | $35,000 | Not applicable to Malchuk |
| 2024 Fees earned (Malchuk) | $100,000 | Reported in Director Compensation table |
Performance Compensation
| Component | Grant | Number/Value | Vesting/Terms | Performance Metrics |
|---|---|---|---|---|
| Deferred Share Units (DSUs) – annual equity retainer | Quarterly 2024 grants | $110,000 grant date fair value | DSUs paid in cash upon retirement; dividend equivalents accrue; directors may elect cash retainer in DSUs | None; DSUs track share price; no options or PSUs for directors |
- DSU Plan: Paid in cash at retirement; dividend equivalents on declared dividends; directors can elect to receive cash retainer in DSUs; no cash election for equity retainer.
- Anti-hedging: Directors prohibited from hedging/derivative transactions in company securities.
Other Directorships & Interlocks
| Company | Type | Potential Interlock/Conflict Check |
|---|---|---|
| Franco-Nevada Corporation | Public | No related-party transactions disclosed by SSR Mining; Board reviews conflicts; Audit Committee oversight of related parties. |
| Jetti Resources | Private | No related-party transactions disclosed. |
| Appian Capital Advisory | Private | No related-party transactions disclosed. |
Expertise & Qualifications
- 30+ years strategic, operational, and financial leadership in mining; oversight of large multi-jurisdictional portfolios and capital projects.
- Skills include: corporate finance/capital allocation, risk management, M&A, mining operations, EHS&S, human capital management.
- Education: Civil Industrial Engineer (Universidad de Chile), MBA (UCLA Anderson).
Equity Ownership
| Measure | Value | Source/Date |
|---|---|---|
| Common shares beneficially owned | 0 | March 10, 2025 beneficial ownership table |
| DSUs held (12/31/2024) | 19,838 | Director DSU holdings |
| Ownership as % of shares outstanding | 0.000% | 202,537,757 shares outstanding |
| Director ownership guideline | 3x cash retainer ($300,000) | Non-exec director share ownership guidelines |
| Market value of Shares + DSUs (12/31/2024) | $138,072 (at $6.96/share) | Ownership table and pricing assumption |
| Guideline compliance status | Has until January 8, 2029 to meet guideline | Time to compliance for Malchuk |
Governance Assessment
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Board effectiveness: Strong attendance (95%) and active participation on TSS during crisis year (Çöpler incident); relevant deep mining ops/EHS&S skills align with SSR’s current risk profile.
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Independence and conflicts: Independent; Company reports no related-party transactions for directors in the most recent year; conflicts reviewed under Code of Conduct and Audit Committee oversight; anti-hedging policy in place.
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Compensation and alignment: Standard director pay mix (cash + DSUs), no options/PSUs for directors; DSUs align to share price but are cash-settled at retirement; early tenure means low current ownership (0 shares; $138k DSU value) with guideline compliance window to 2029.
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Attendance/engagement signals: 27/28 Board and 8/9 TSS meetings in 2024 indicate strong engagement during an operationally challenging period.
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RED FLAGS to monitor:
- Low current beneficial share ownership (0 shares) may limit immediate “skin-in-the-game,” albeit mitigated by DSUs and time to meet ownership guideline by 2029.
- External roles (Franco-Nevada, Appian, Jetti) warrant ongoing monitoring for potential related-party exposure, though none disclosed in 2024 and SSR has formal related-party approval procedures.
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Overall implication: Malchuk’s operational and EHS&S depth strengthens Board oversight—particularly on safety, technical risk, and capital allocation—while independence, attendance, and standard director pay practices support investor confidence; continued accumulation toward ownership guidelines and vigilant conflict oversight remain key watch items.