LONDON – Anglo-Australian mining group Rio Tinto faced anger from shareholders with nearly one in five rejecting a proposed pay package for its directors, it revealed after an annual meeting on Monday.
Nearly 20 per cent of shareholders voted against the proposed pay plan, a statement to the London Stock Exchange showed. Such pay proposals usually gain near-total shareholder support.
The plan could see the outgoing head of Rio Tinto’s aluminium division Dick Evans walk away with a bonus worth up to US$11 million (8,5 million euros).
Unusually high numbers of shareholders also opposed the re-election of certain managers, the statement showed.
At the annual general meeting in Sydney on Monday, Rio Tinto’s outgoing chairman Paul Skinner Monday defended to angry shareholders its US$19,5 billion tie-up with China’s state-owned Chinalco.
-Nampa-AFP
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