paul kitto - cruises past $0.5 million per yr , page-8

BHP cuts new CEO Andrew MacKenzie's pay as investors urge austerity by: Barry FitzGerald From: The Australian April 18, 2013 1:45PM

BHP BILLITON has bowed to global shareholder pressure for a new era of austerity in executive remuneration by slashing what it will pay its incoming chief executive, Andrew Mackenzie, when he takes over from Marius Kloppers next month.

Mr Mackenzie's package will be worth about $US7.6 million ($7.37 million), compared with Mr Kloppers' recent average of around $US10m. Amongst other changes, his base salary of $US1.6m is down from Mr Kloppers' $US2.2m, as well as being lower than the pay Mr Kloppers started out with five years ago of $US1.85m, or $US2.1 million in today's dollars.

If BHP can do it why can't we? Contracts can always be renegotiated particularly as the labour market in the junior exploration sector loosens.

Mr Mackenzie is going to be getting $1.6m in base pay which is only 3 times what we pay Mr Kitto for running a company with a market cap of how many times larger?