Summary
Southern Copper Corporation (SCCO) filed an 8-K report on May 5, 2016, disclosing the retirement compensation paid to its former Comptroller, Agustin Avila Martinez. The report indicates that Mr. Martinez received $3,328,806 as retirement compensation upon his separation from the company, effective April 30, 2016. This disclosure, made under Item 5.02 of Form 8-K, is primarily an administrative update regarding executive compensation and a change in personnel. Investors should note this event as it pertains to the company's executive compensation practices and the departure of a key financial officer. The amount disclosed is in accordance with the company's pension plan terms.
Key Highlights
- 1Former Comptroller Agustin Avila Martinez retired from Southern Copper Corporation.
- 2Mr. Martinez received $3,328,806 in retirement compensation.
- 3The compensation was paid in accordance with the company's pension plan.
- 4The separation of services was effective April 30, 2016.
- 5This filing is an administrative disclosure under Item 5.02 of Form 8-K.
- 6The report confirms an executive personnel change and associated compensation payout.
Frequently Asked Questions
The main purpose of this 8-K filing was to disclose the retirement and the associated compensation paid to Southern Copper Corporation's former Comptroller, Agustin Avila Martinez.
Agustin Avila Martinez received $3,328,806 in retirement compensation.
The retirement compensation was paid in accordance with the terms of the company's pension plan, indicating it was a standard payout based on plan provisions rather than a special negotiated agreement.
No, this filing specifically relates to executive compensation upon retirement and does not indicate any financial distress or operational issues for Southern Copper Corporation.