PIRC Advises Rio Tinto Holders To Oppose Remuneration Report
April 07 2009 - 7:42AM
Dow Jones News
Shareholders in Rio Tinto PLC (RTP) should oppose the
Anglo-Australian miner's renumeration report at its annual general
meeting on concerns of an excessive bonus for an outgoing
executive, according to advisory group PIRC.
"Excessiveness is a concern in light of the integration bonus
received by Dick Evans," PIRC said.
Evans, who stepped down as chief executive of Rio Tinto's
aluminum division Feb. 1 and is due to leave the company's board
April 20, is set to receive a $1.35 million cash bonus for
2008.
The bonus is for his work integrating aluminum assets acquired
in 2007 into the group.
Rio Tinto will hold AGMs on April 15 in the U.K. and April 20 in
Australia.
Company Web site: www.riotinto.com
-By Jeffrey Sparshott, Dow Jones Newswires; +44 (0)207 842 9347;
jeffrey.sparshott@dowjones.com