Kloppers received total remuneration of $US10.4 million last year, up from $6.9 million the prior year (although Kloppers only became CEO on October 1, 2007). The former McKinsey consultant saw his fixed pay increase 19.3% and was paid a short-term cash bonus of $US1.73 million. Chief commercial officer Alberto Calderon, the man who led the ill-fated Rio Tinto bid, saw his total remuneration increase to $US4.9 million, while his cash bonus actually rose by 12.2% to $US1.01 million.
While the operating performance of BHP is to a large extent outside the control of management (being to a large extent at the whim of the commodity cycle), there are certain factors that BHP can influence. For example, corporate activity is largely determined by management — in that respect, 2008-09 was not BHP’s finest year. The company’s aborted takeover of Rio cost more than $US450 million in financing and advisory costs — the Rio acquisition was steered by Kloppers, Calderon and outgoing chairman Don Argus.
Despite the cost and bid failure, Calderon was rewarded with a higher, short-term bonus. (BHP does, however, deserve a degree of credit for withdrawing the bid, proceeding would have been even more costly for shareholders). BHP also wrote more than $US3 billion from its mothballed Ravensthorpe nickel operations.Courtesy of Crikey.
Should we invest in say KZL,ROL & WPL instead?
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