{"id":1138989,"date":"2019-09-18T05:43:59","date_gmt":"2019-09-18T10:43:59","guid":{"rendered":"https:\/\/www.mining.com\/?p=1002240"},"modified":"2019-09-18T05:43:59","modified_gmt":"2019-09-18T10:43:59","slug":"bhp-boss-pay-cut-by-almost-25-after-workers-death-runaway-train","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1138989","title":{"rendered":"BHP boss\u2019 pay cut by almost 25% after worker\u2019s death, runaway train"},"content":{"rendered":"<p>BHP\u2019s chief executive, Andrew Mackenzie, saw his annual pay shrink by almost a quarter after an <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.bhp.com\/media-and-insights\/news-releases\/2019\/01\/saraji-mine-incident\" >unexplained death<\/a> at one of the company\u2019s Queensland mines and a <a href=\"https:\/\/www.mining.com\/runaway-train-wreck-copper-outages-cost-bhp-600-million\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">runaway iron ore train<\/a> cost him a portion of his short-term bonus.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Mackenzie, 62, had his short-term<br \/>\nbonus reduced by more than $1 million from 2018 to $1.3 million. His base<br \/>\nsalary was kept at $1.7 million, taking his total earnings, including other<br \/>\nbenefits, to $3.5 million, from $4.6 million in 2018.<\/p>\n<p>According to <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.bhp.com\/-\/media\/documents\/investors\/annual-reports\/2019\/bhpannualreport2019.pdf?la=en\" >BHP\u2019s 2019 annual report<\/a>, the death of a 49-year-old worker at its Saraji coal mine on New Year\u2019s Eve last year, the cause of which it was unable to determine, was the main reason&nbsp;for the pay-cut. It was the first time in more than 15 years that the company had failed to pinpoint the cause of a fatal accident, BHP said.&nbsp;<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>While BHP returned a record dividend to shareholders, Andrew Mackenzie received no long-term bonus payment in the financial year ended in June 2019.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The forced derailment of a<br \/>\nfully-laden iron ore train in the Pilbara, which destroyed two<br \/>\nlocomotives, 245 cars and 2 km (1.2 miles) of track, also weighed on Mackenzie\u2019s<br \/>\nbonus size.&nbsp;<\/p>\n<p>Other issues mentioned in the<br \/>\nreport were equipment failures at BHP\u2019s Olympic Dam in South Australia and<br \/>\nEscondida mines in Chile.&nbsp;<\/p>\n<p>While BHP returned a <a href=\"https:\/\/www.mining.com\/web\/bhp-reports-2-decline-in-annual-profit-pays-record-dividend\/\"  rel=\"noreferrer noopener\" aria-label=\"record dividend to shareholders (opens in a new tab)\">record dividend to shareholders<\/a>, Mackenzie \u2014 at helm of the world\u2019s largest mining company since 2013 \u2014 received no long-term bonus payment in the financial year ended in June 2019.<\/p>\n<p>The news come as the Melbourne,<br \/>\nAustralia-based mining giant is mulling a change to the CEO\u2019s&nbsp; remuneration policy.<\/p>\n<p>Changes proposed by the company,<br \/>\nthe world&#8217;s biggest miner by market value, include a reduction in Mackenzie&#8217;s<br \/>\nlong-term incentive plan as a proportion of his base salary and a cash award<br \/>\nwith a longer-term focus than current short term incentives, BHP said. Those<br \/>\nchanges would result in a 12% cut to maximum annual remuneration, it said.<\/p>\n<p>Other modifications planned include<br \/>\na cut to the CEO\u2019s pension contribution rate and the introduction of a two-year<br \/>\npost-retirement shareholding requirement.<\/p>\n<p>BHP plans to present the remuneration<br \/>\npolicy changes to investors at annual shareholder meetings in the U.K. and<br \/>\nAustralia later this year.<\/p>\n<h2><strong>Short on female target<\/strong><\/h2>\n<p>The diversified miner fell short of<br \/>\nits target of boosting female employees 3% a year, which is part of an<br \/>\nambitious goal of achieving gender equality within its ranks by 2025.<\/p>\n<p>BHP increased its proportion of<br \/>\nfemale employees 2.1% in the 2018-19 financial year, which resulted in the<br \/>\ncompany having 1,156 more women employees on July 1 than at the same time last<br \/>\nyear.<\/p>\n<p>The hiring efforts bring the female<br \/>\nproportion of the company\u2019s total workforce to 24.5%t, up from 22.4% last year.\n<\/p>\n<p>In its <a href=\"https:\/\/www.bhp.com\/-\/media\/documents\/investors\/annual-reports\/2019\/bhpsustainabilityreport2019.pdf?la=en\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">sustainability report<\/a>, released in conjunction with the annual and economic contribution reports, BHP said 37.7% of the people hired this year were women. The figure represents an improvement from the 10.4% it welcomed on board in 2015, yet is lower than the 39.8% it registered last year. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>While Andrew Mackenzie&#8217;s base salary was kept at $1.7m million, total earnings, including  benefits totalled $3.5m, down from the $4.6m he pocketed in 2018.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2648,624,2849,949,369,4,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1138989"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1138989"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1138989\/revisions"}],"predecessor-version":[{"id":1139125,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1138989\/revisions\/1139125"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1138989"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1138989"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1138989"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}