BHP Seeks Changes to CEO Pay Structure

Fecha : 16/09/2019 @ 18:18
Fuente : Noticias Dow Jones
Emisora : Bhp Group Plc (BHP)
Cotización : 1704.2  18.0 (1.07%) @ 10:35
Bhp Cotización de acciones Gráfica

BHP Seeks Changes to CEO Pay Structure

BHP (ASX:BHP)
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3 Meses : De Ago 2019 a Nov 2019

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   By Rhiannon Hoyle 
 

SYDNEY--BHP Group Ltd. (BHP.AU) said it will propose changes to the way it pays Chief Executive Andrew Mackenzie, including alterations to the structure of long-run incentives.

Changes proposed by the company, the world's biggest miner by market value, include a reduction in Mr. Mackenzie's long-term incentive plan as a proportion of his base salary and a cash award with a longer-term focus than current short term incentives, BHP said. Those changes would result in a 12% cut to maximum annual remuneration, it said.

Other changes planned include a cut to Mr. Mackenzie's pension contribution rate and the introduction of a two-year post-retirement shareholding requirement.

The miner said it will put proposed remuneration policy changes to investors at annual shareholder meetings in the U.K. and Australia later in 2019.

"BHP's board and remuneration committee believe the proposed changes improve our senior executive remuneration arrangements and they will continue to promote long-term value creation," BHP said in its annual report.

Mr. Mackenzie earned US$3.5 million for fiscal 2019, below a target package of US$7.7 million, said the company. The minimum available package was US$2.2 million and maximum was US$13.1 million.

"From a performance perspective, while shareholders have benefited during fiscal 2019 from positive share price growth and significant shareholder returns, the year was a challenging one operationally for BHP, and the remuneration outcomes for fiscal 2019 for our senior executives reflect this," the company said.

The company said Mr. Mackenzie's base salary will remain unchanged in fiscal 2020, at US$1.7 million.

There will also be no change to annual fees for Chairman Ken MacKenzie or nonexecutive directors, BHP said.

 

Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com

 

(END) Dow Jones Newswires

September 16, 2019 19:03 ET (23:03 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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