Rio Tinto CEO Sam Walsh has copped a $1.3 million pay cut over the past year, down from 10.4 million in 2014.
The decrease equates to a 12.4 per cent cut, compared with Rio Tinto’s 54 per cent drop in underlying profit in the same year.
Rio Tinto’s annual report showed the significant profit slide in a year which saw the average dry metric tonne price of iron ore fall from $83 to $59, a loss of 28 per cent.
Walsh’s pay included base salary of $2 million, $1.6 million in shares issues (as a short term bonus), a long term incentive payment of $2.1 million in shares, as well as a $1.6 million cash bonus.
Walsh was also paid $1 million in “international assignment benefits” for relocating his home from Perth to London after he was made CEO.
CFO Chris Lynch was the second highest paid in the company with £2.57 million, and Andrew Harding came in third at £2.26 million.