Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Business

Rio Tinto executives say goodbye to 2020 with chunky payouts

2021 02 22T074006Z 1 LYNXMPEH1L095 RTROPTP 4 RIO TINTO RESULTS - Global Banking | Finance

MELBOURNE (Reuters) – Three Rio Tinto executives forced to leave the company after the destruction of sacred rock shelters at Juukan Gorge in Western Australia all closed off the year with substantial payouts, Rio’s annual report released on Monday showed.

Chief Executive Jean-Sébastien Jacques, who stepped down from his role at the end of 2020, received total remuneration of 13.3 million pounds ($18.6 million) under Australian accounting rules, up from 7.1 million pounds a year earlier.

Despite the loss of about 2.7 million pounds in awards following a board review into the blast, the sum, which includes the value of share awards that have not yet vested, was boosted by Rio Tinto’s strong share price performance.

Jacques and two other executives left Rio after the company determined their positions had become untenable after a backlash against a board review that originally imposed only financial penalties for the destruction of the sacred sites.

Rio Tinto’s remuneration committee, led by non-executive director Sam Laidlaw, granted “eligible” leaver status to the three executives, meaning they avoided stiffer financial penalties for the incident.

“In making the eligible leaver determination the Board fully recognised the gravity of the destruction at Juukan Gorge but was mindful that the three executives did not deliberately cause the events to happen, they did not do anything unlawful, nor did they engage in fraudulent or dishonest behaviour or wilfully neglect their duties,” it said in the annual report.

Rio’s iron ore head, Chris Salisbury, who stepped down in September, received total remuneration of A$6.7 million ($5.3 million) including termination benefits and unvested share awards, from A$2.9 million in 2019. Salisbury lost a A$1.1 million short-term incentive.

Head of Corporate Affairs Simone Niven forfeited 525,000 pounds in short-term incentives but received 5.1 million pounds, including 1.1 million pounds in termination benefits and unvested share awards.

Independent Rio Tinto Director Michael L’Estrange, who lead the initial board review, had a 46% increase in fees and salary. His total remuneration rose to A$227,000 from A$201,000.

Chairman Simon Thompson was paid 939,000 pounds, up from 934,000 pounds the year before.

($1 = 1.2695 Australian dollars)

($1 = 0.7136 pounds)

(Reporting by Melanie Burton; editing by Richard Pullin)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post