Key facts
- Rio Tinto proposed a 56% increase in CEO Simon Trott's target remuneration to £9.8 million ($13.06 million).
- Maximum remuneration could rise 63% to £18.3 million, with short-term incentives up to 300% and long-term targets at 900% of base salary.
- The board added US energy majors Chevron and ExxonMobil, and GE Aerospace to its peer benchmarking group.
- Some investors are concerned about the proposal fueling salary inflation and its optics during a cost-of-living crisis.
- The proposed changes require shareholder approval at the next annual meeting.
Rio Tinto's board has proposed increasing CEO Simon Trott's target remuneration package by 56% to £9.8 million ($13.06 million), according to people familiar with the matter and documents reviewed by Reuters. The move comes as mining companies scramble to compete for top talent amid surging pay at defence, aerospace, and energy transition firms. The board has expanded its peer benchmarking group to include US energy majors Chevron and ExxonMobil, as well as GE Aerospace. Ben Wyatt, chair of Rio Tinto's remuneration committee, stated that fixed pay would remain unchanged but incentives tied to multiyear business outcomes and shareholder returns would be adjusted to drive performance and retain leadership. Trott, appointed in July 2025, delivered a 43% jump in first-half underlying earnings this year. His maximum remuneration is proposed to grow 63% to £18.3 million, with significant increases in short-term and long-term incentives, pending shareholder approval.