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RIO - Rio Tinto News Story

5849p 57.0  1.0%

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Basic Materials
Large Cap
Market Cap £93.77bn
Enterprise Value £97.68bn
Revenue £32.03bn
Position in Universe 15th / 1814

BREAKINGVIEWS-Capital Calls: Rio Tinto’s year of high explosives and high pay

Thu 6th May, 2021 3:57pm
(The author is a Reuters Breakingviews columnist.  The opinions
expressed are their own.)
    LONDON, May 6 (Reuters Breakingviews) - Concise insights on
global finance.
I’M ALRIGHT, JACQUES. Rio Tinto’s  RIO.AX ,  RIO.L  Australian
mess has yielded one more hit to its credibility. A year after
blowing up sacred Aboriginal caves, the dual-listed miner has
had its remuneration report rejected by more than 60% of ballots
cast in an advisory vote at its annual general meeting*:nL4N2MT2T4. No wonder: while ex-Chief Executive Jean-Sebastien
Jacques had his annual bonus scrapped and his longer-term
incentive plan (LTIP) cut, his 2020 pay
 still amounts to 1.5 million pounds in salary, plus LTIP shares
with a current value of nearly 8 million pounds. 
The vote, while significant, changes little. Jacques and other
senior executives have already gone, and 2020 pay packages won’t
change. The Rio board can argue that it was legally hard to cut
the LTIP any further, given that it was hammered out in 2016 and
its vesting hinged on financial metrics. Angry shareholders have
little option other than to insist that future incentive plans
include targets to not dynamite priceless historical artefacts.
(By George Hay)
    On Twitter
    Earlier in Capital Calls:
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| Editing by Ed Cropley and Oliver Taslic)
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