Rio Tinto's board proposes a 56% increase in CEO target pay to £9.8 million

(1) According to four informed sources and documents reviewed by the media, the board of directors of the world’s second-largest listed mining company, Rio Tinto, has proposed increasing CEO Simon Trott’s target compensation package by 56%, to £9.8 million (approximately $13.06 million USD). (2) The surge in remuneration in the defence, aerospace, and energy transition sectors has forced mining companies like Rio Tinto to work harder to compete for top talent. (3) An investor presentation document reviewed by the media shows that Rio Tinto’s board has expanded its peer group for benchmarking, that is, the list of companies used for comparing executive compensation; in addition to other companies, US energy giants Chevron, ExxonMobil, and GE Aerospace have been included in the benchmarking list.