Rio Tinto proposes 56% pay jump for CEO as mining sector fights for talent
RIO•Rio Tinto proposed raising CEO Simon Trott’s target remuneration package by 56% to £9.8 million, while maximum pay would rise 63% to £18.3 million. The changes require shareholder approval at next year’s annual meeting.
1. Proposed pay changes
Rio Tinto’s board proposed increasing Trott’s target remuneration package by 56% to £9.8 million ($13.06 million). His maximum remuneration would rise 63% to £18.3 million, with short-term incentives capped at 300% of base salary, up from 200%, and long-term targets rising to 900% from 500%.
2. Shareholder approval needed
The proposed package would apply to the next three years of Trott’s compensation and requires shareholder approval at next year’s annual meeting. Rio Tinto said Trott’s fixed pay would remain unchanged, while incentives tied to multiyear business outcomes and shareholder returns would be adjusted. Some investors told Reuters they were concerned the proposal could fuel pay inflation among Australian mining executives and reflect poorly on the company.
3. Expanded peer group
Rio Tinto expanded the group of companies it uses to benchmark executive pay, adding Chevron, ExxonMobil and GE Aerospace among others. Trott’s proposed maximum package would place him just below the median of the 19 companies in the peer group. He was appointed in July 2025, and Rio Tinto reported a 43% rise in first-half underlying earnings this year.
