RTZ chairman nets pounds 1.62m in `poor year'
Friday 28 March 1997
As well as a basic salary which rose from pounds 455,000 to pounds 575,000, Mr Wilson cashed in options netting him a profit of nearly pounds 446,800 in 1996. This brought his total remuneration to pounds 1.62m, on top of which his accrued pension entitlement was increased by pounds 73,000 to pounds 307,000 during the year.
The new pay deal was part of a general upgrading of boardroom pay at RTZ-CRA, soon to be renamed Rio Tinto, which saw the total cost rise from pounds 4.32m to pounds 6.92m. Even though 1996 was the first full-year since the merger of the group's UK and Australian arms, pre-tax profits fell from pounds 1.42bn to pounds 1.11bn in the year to December.
In the annual report, Mr Wilson described the year as "a comparatively poor one both for us and for the mining industry" after being hit by lower metal prices and exchange rate movements. But a spokesman justified the increases on the grounds that "directors took on additional responsibilities for the enlarged group in 1996".
Mr Wilson stepped up from the chief executive's position in January following the retirement of the previous non-executive chairman, Sir Derek Birkin.
RTZ merged its operations with those of its 49 per cent- owned associate CRA in December 1995. No money or assets changed hands in the deal.
Last year's remuneration figures were complicated by the decision of the board that no options granted under a previous scheme should remain outstanding after two replacement plans came into force. As a result, executive directors with outstanding options cashed them in during the first four months of 1996.
In addition to his option profits, Mr Wilson picked up a pounds 238,000 bonus from the so-called mining plan, which measures RTZ's performance against 15 other international mining companies, and pounds 350,000 from the "FTSE plan", which pits the group against 47 other top companies in the UK's 100 biggest groups.
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Number of global billionaires has doubled since the financial crisis
- 3 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 4 Of course, teenage girls need role models – but not like beauty vlogger Zoella
- 5 North Korean officials 'publicly executed for watching South Korean soap operas'
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Number of global billionaires has doubled since the financial crisis
Elizabeth Norment dead: House of Cards actress honoured by Kevin Spacey after she dies aged 61
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
Nigel Farage and Frankie Boyle clash over Andrew Lawrence's 'Mock the Week' criticism
iJobs Money & Business
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...
£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...