Rio Tinto's (RIO) board has proposed raising Chief Executive Simon Trott's target remuneration package by 56% to 9.8 million pounds ($13.06 million), Reuters reported Wednesday, citing four people familiar with the matter and documents it has seen.
The board has expanded a benchmarking group it uses to calculate executive compensation, the news outlet said, citing an investor presentation. The expanded framework will require shareholder approval at Rio's annual meeting next year, the news report said.
Ben Wyatt, who chairs Rio Tinto's remuneration committee, told Reuters that Trott's fixed pay would remain unchanged, but incentives tied to multiyear business outcomes and shareholder returns would be adjusted.
Rio did not immediately respond to MT Newswires' request for comment.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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