Rio Tinto Shareholders Vote Against Former CEO Pay

By Jaime Llinares Taboada

Rio Tinto PLC said Thursday that its shareholders have rejected the 2020 remuneration report, displaying opposition against former Chief Executive Jean-Sebastien Jacques's pay.

The London- and Australia-listed mining company said two proposals to approve the directors' remuneration report were rejected with around 61% of votes against.

The vote follows the departure of Mr. Jacques, who was ousted last year amid the fallout from the destruction of two ancient rock shelters in Australia.

"The board acknowledges that the executive pay outcomes in relation to the tragic events at Juukan Gorge are sensitive and contentious issues," Rio Tinto said. The company understands the voting outcome "was a response to the extent of the malus adjustment applied to unvested LTIP awards of the former Chief Executive, Chief Executive Iron Ore and Group Executive Corporate Relations", it said.

Rio Tinto said the remuneration committee has reflected shareholder feedback in a new remuneration policy, which introduces ESG metrics and which has received strong support at annual meetings.

In addition, the re-election of the chair of the sustainability committee, Megan Clark AC, was passed but received 26.48% of votes against.

Write to Jaime Llinares Taboada at [e-mail]; @JaimeLlinaresT

(END) Dow Jones Newswires

May 06, 2021 06:28 ET (10:28 GMT)

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