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Mineweb reports that BHP Billiton chief executive Andrew MacKenzie did not receive a performance bonus for the 2016 financial year, which saw his remuneration plunge to about $2.24 million.
Compared to 2014, when he received around $7.99 million, his annual salary was down 72%. According to BHP’s 2016 sustainability report, MacKenzie’s performance-related pay for short-term and long-term incentives both came to zero. The dam failure at Samarco (a non-operated joint venture in Brazil) in November 2015 was a key consideration in relation to the short-term incentive, along with the ongoing decline in commodity markets and its associated impact on the company’s performance. Long term incentives were negatively impacted by the fact that BHP’s total shareholder return (TSR) over the five-year period from 1 July 2011 to 30 June 2016 was -63.4%, which was below the weighted median of peer companies.
- Read this report by Sungula Nkabinde in full at Mineweb
Get other news reports at the SA Labour News home page