P208news.today208Wed 28 Oct08:25
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BUSINESS 8/9
Rio Tinto proposes 56 per cent pay rise for chief executive
Rio Tinto has proposed a 56 per cent increase to chief executive Simon Trott's target remuneration package to £9.8 million.
Rio Tinto's board has proposed a 56 per cent rise in chief executive Simon Trott's target remuneration package to £9.8 million, with maximum remuneration jumping 63 per cent to £18.3 million. The mining giant is expanding its peer benchmarking group to include energy firms such as Chevron and ExxonMobil, and aerospace company GE Aerospace, as miners compete for top talent. Ben Wyatt, who chairs Rio Tinto's remuneration committee, said the plan is designed to drive business performance and retain strong leadership, with fixed pay unchanged but performance-linked incentives adjusted.
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