Rio Tinto Shareholders Vote Against Former CEO Pay
May 06 2021 - 6:43AM
Dow Jones News
By Jaime Llinares Taboada
Rio Tinto PLC said Thursday that its shareholders have rejected
the 2020 remuneration report, displaying opposition against former
Chief Executive Jean-Sebastien Jacques's pay.
The London- and Australia-listed mining company said two
proposals to approve the directors' remuneration report were
rejected with around 61% of votes against.
The vote follows the departure of Mr. Jacques, who was ousted
last year amid the fallout from the destruction of two ancient rock
shelters in Australia.
"The board acknowledges that the executive pay outcomes in
relation to the tragic events at Juukan Gorge are sensitive and
contentious issues," Rio Tinto said. The company understands the
voting outcome "was a response to the extent of the malus
adjustment applied to unvested LTIP awards of the former Chief
Executive, Chief Executive Iron Ore and Group Executive Corporate
Relations", it said.
Rio Tinto said the remuneration committee has reflected
shareholder feedback in a new remuneration policy, which introduces
ESG metrics and which has received strong support at annual
meetings.
In addition, the re-election of the chair of the sustainability
committee, Megan Clark AC, was passed but received 26.48% of votes
against.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com;
@JaimeLlinaresT
(END) Dow Jones Newswires
May 06, 2021 06:28 ET (10:28 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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