Juukan Gorge revisited: Rio accused of heritage cover up afr.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from afr.com Daily Mail and Mail on Sunday newspapers.
And now backlash is spreading
Astrazeneca, Cineworld and Ocado look likely to be caught up in the shareholder spring as the backlash over fat cat pay intensifies.
The companies are due to hold their annual general meetings next week, with Astra first on Tuesday.
The drugs giant has been praised for rolling out a Covid-19 vaccine at no profit but it is under fire for a ‘wrong and ill-judged’ increase in pay to chief executive Pascal Soriot.
Under a long-term bonus plan, the Frenchman, 61, could soon get up to 650 per cent of his £1.3million salary, rather than 550 per cent – taking the maximum payout from £7.2million to £8.5million.
“Instead, it was more appropriate that the three executives’ employment be terminated by mutual agreement (acknowledging the potential adverse effect that this may have on their longer-term careers).”
Laidlaw said under Rio’s new pay arrangements, compliance with policy, environmental, social and governance measures would make up 15% of short-term bonuses. This will be achieved by reducing the proportion of bonuses linked to individual performance from 30% to 15%.
“We have also importantly introduced a specific ability to apply malus and clawback if in the future there is a material impact on our social licence to operate,” Laidlaw said.
Rio’s chairman, Simon Thompson, who did not stand for re-election at the meeting due to the Juukan Gorge scandal, and the new chief executive, Jakob Stausholm, again apologised for the decision to blow up one of Australia’s most significant archeological sites.