BHP Billiton Ltd.'s (BHP: Quote,BBL: Quote,BLT.L,BHP.AX) chief executive officer Marius Kloppers' total pay fell to $9.82 million in fiscal 2012 from $11.63 million in fiscal 2011, the mining giant said in a regulatory filing.
While Kloppers' base salary edged up to $2.20 million from $2.11 million in the year ended June 30, he received no annual cash incentive compared to $2.35 million received last year. Kloppers' retirement benefits increased slightly to $880,400 from $845,926.
Due to the impairment against the carrying value of the Fayetteville shale gas assets acquired from Chesapeake Energy in March 2011, Kloppers and Chief Executive - Petroleum Mike Yeager had advised the Remuneration Committee that they did not wish to be considered for an incentive under the short-term incentive plan for 2012.
Short-term incentives for other members of the group management committee or GMC were significantly lower than last year, BHP said.
BHP also decided to freeze the base salaries of GMC members for fiscal 2013.
''...as a consequence of the base salary review for GMC members undertaken this year, and in recognition of the prevailing business climate, a decision has been taken to freeze the base salaries of GMC members for FY2013. The Board also decided not to adjust remuneration for Non-executive Directors,'' the company noted.
BHP.AX is currently down 0.5 percent at A$33.98 on 8.87 million shares.
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by RTT Staff Writer
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