Global 100 Natural Resources report - 2020

The Natural Resources industry is not unique in experiencing unprecedented economic challenges during 2020. The double ‘black swan’ events of over supply from OPEC+ companies and the COVID-19 pandemic has seen oil prices crash to record lows, significantly impacting the financial viability of the largest Oil and Gas companies.

The global pandemic has offered mixed fortunes for Mining giants, with extractors of precious metals seeing increased revenues driven by increasing global prices, while miners focusing on industrial resources (i.e. coal, aluminium etc.) have suffered a similar fate to Oil and Gas.

In addition, the industry is facing increased scrutiny from governments, shareholders, and wider stakeholders including consumers and employees. Both Oil and Gas and Mining organisations are having to adapt quickly, with change being driven by senior leadership towards greater technological implementation, and resilient and accountable business models. This is being reflected in human capital strategy, with considerations around talent management, the future of work, and Environmental Social and Governance integration front and centre in Board discussions. The Willis Towers Watson Natural Resources team has produced the latest iteration of its Natural Resources Global 100 2020 report, an annual study providing a snapshot of remuneration practices in the world’s 50 largest companies in the Oil and Gas and Mining sectors respectively.

All insights are provided on an industry and geographic basis to offer insight into divergences in practice we see across the sector.

The report highlights:

1. Pay trends and practices amongst top pay amongst senior leaders

2. Key themes impacting the industry across the talent and reward

3. Focused information on current compensation levels and incentive design practices

4. Perspective on adapting to economic events, strategic imperatives, and stakeholder expectations

For access to the report, or for more information around HR practice in the Natural Resources industry, please contact our global lead John Pymm, or your local Willis Towers Watson consultant.