According to Mining News Pro -Jacques’ total remuneration including bonuses was £5.8 million ($11.3
million) last year, in line with the United Kingdom consumer price
index (CPI).
Rio Tinto also increased the annual base salary for its directors by 2.11 per cent as of March.
Jacques’
base salary of £1.11 million is still less than that of former BHP
chief executive Andrew Mackenzie, whose base salary edged above at £1.33
million. This is also retained for BHP’s incumbent chief executive Mike
Henry.
Rio Tinto remuneration committee chairman Sam Laidlaw
noted in the company’s 2019 annual report that Jacques’ raise was
“consistent with that applied to the broader employee population”.
Laidlaw
noted market competitiveness against relevant peer companies and pay
equity, along with a focus on gender pay as key assessments in applying
this increase.
“During 2019, the committee materially expanded its
review of reward structure and outcomes across the group, covering all
elements of pay,” Laidlaw stated in the report.
“The CEO pay ratio of 66:1 is primarily driven by the percentage of total renumeration for the CEO that is performance related.
“(This)
reflects the slightly higher short-term incentive plan (STIP) pay-out
and the estimated 24 percentage increase in the long-term incentive plan
(LTIP) vesting outcome for 2019 compared to 2018.”
Gender pay was
a key focus for Rio Tinto during 2019, with the remuneration committee
constantly monitoring both equal pay and gender pay gap across the
company.
“The committee maintains a focus on the gender diversity
in senior management roles as a means to address the gender pay gap
across the group,” Laidlaw explained.
“We are pleased with the
broader initiatives being implemented across the group in this area and
note that the group-wide equal pay and gender pay gaps remain at less
than 2 per cent and 1 per cent respectively.”