BHP CEO payout slashed

In the wake of its massive losses, BHP CEO Andrew Mackenzie has seen his payout halved year on year.

Last month the miner recorded a 434 per cent decline year on year, marking a US$6.235 billion loss, with revenues falling 31 per cent down to US$30.9 billion.

In line with the company’s shrinking balance, Mackenzie has also seen a reversal, earning US$2.24 million for the 2015/16 financial year, close to half of his US$4.58 million earnings in the previous financial year.

In FY2014 Mackenzie reportedly earnt US$7.99 million.

This latest decline was compounded by the company’s decision to not award bonuses after the Samarco Dam failure late last year.

“The dam failure at Samarco in November 2015 was a key consideration, along with the ongoing decline in commodity markets and its associated impact on our performance,” BHP’s remuneration committee chairman Carolyn Hewson said in the company’s annual report.

However, Mackenzie’s base salary, of US$1.7 million, has not been affected.

 

 

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.