Rio Tinto proposes 56 per cent pay rise for chief executive

Summarised from 2 outlets · Updated 28 Oct, 06:50 · Archive

Rio Tinto has proposed a 56 per cent increase to chief executive Simon Trott's target remuneration package to £9.8 million.

Rio Tinto's board has proposed a 56 per cent increase to chief executive Simon Trott's target remuneration package, raising it to £9.8 million. His maximum remuneration is proposed to jump 63 per cent to £18.3 million. Under the plan, short-term incentives will rise to a maximum of 300 per cent of base salary, from 200 per cent, whilst long-term targets will jump from 500 per cent to 900 per cent.

The mining giant is expanding its peer benchmarking group — the list of companies it compares itself to when calculating executive compensation — to include energy giants Chevron and ExxonMobil and aerospace company GE Aerospace. Ben Wyatt, who chairs Rio Tinto's remuneration committee, said the miner was consulting investors ahead of a policy update. He stated that Trott's fixed pay would remain unchanged but incentives tied to multi-year business outcomes and shareholder returns would be adjusted.

Wyatt said the changes were 'designed to drive business performance in the interests of shareholders, support the delivery of Rio Tinto's long-term strategy, and attract and retain strong leadership in a competitive global market'. Trott, appointed in July 2025, delivered a 43 per cent jump in first-half underlying earnings this year while pursuing restructuring and asset sales.

How it is being reported

• Huge pay jump flagged for Rio Tinto boss Simon TrottThe mining giant has proposed an eye-watering bump to its chief executive's remuneration package as top companies scramble to compete for talent.Perth Now · 28 Oct, 06:21
• Huge pay jump flagged for Rio Tinto boss Simon TrottThe mining giant has proposed an eye-watering bump to its chief executive's remuneration package as top companies scramble to compete for talent.The West Australian · 28 Oct, 06:21

In this story: Rio Tinto · Simon Trott · Ben Wyatt · Chevron · ExxonMobil · GE Aerospace

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