Rio Tinto cuts CEO, executives’ bonuses after caves blast review

Patrick Hamilton | Bloomberg | Getty Images

Rio Tinto stated on Monday it’ll lower the short-term bonuses of its chief government Jean-Sébastien Jacques and two different senior executives following a review of the corporate’s destruction of two historic caves in Australia.

The world’s largest iron ore miner stopped in need of firing any of its management for the authorized destruction of two traditionally important sacred caves in Western Australia state in May — towards the needs of Aboriginal Traditional Owners — which sat on prime of a excessive grade ore physique it deliberate to mine.

The destruction sparked public outrage and an Australian authorities enquiry that senior Rio management confronted earlier this month and which additionally sparked calls from some traders for higher senior accountability.

“The review found no single root cause or error that directly resulted in the destruction of the rockshelters. It was the result of a series of decisions, actions and omissions over an extended period of time,” the corporate stated.

Rio stated it could cut back the short-term bonuses of Jacques, Chief Executive of Iron Ore Chris Salisbury and Group Executive, Corporate Relations, Simone Niven in 2020 by about $3.7 million in complete.

Jacques’ 2016 long-term incentive plan award, due within the first half of subsequent yr, would even be lowered by about 1 million kilos ($1.Three million). He was paid 5.eight million kilos final yr.

Rio additionally flagged that it was reviewing the organizational construction of its heritage and communities perform that may report back to Mark Davies, who joined the chief committee in command of security and technical initiatives in July.

The miner additionally stated that it was reviewing the phrases of its current 2011 settlement with two Australian Aboriginal teams, the Puutu Kunti Kurrama and Pinikura (PKKP), in relation to consent to “reflect evolving practice.”

Rio didn’t inform the PKKP, the normal homeowners of the 2 caves destroyed to mine iron ore, about three different mine plans, Jacques informed the federal government enquiry, regardless of saying it had gained totally knowledgeable consent for blasting.

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