It should be no surprise to learn that Andrew Mackenzie received no performance pay for FY2016 performance. Samarco was clearly relevant to the STIP decision, but it is interesting to note the company's comments in the same paragraph on safety performance (no fatalities at BHP controlled operations) and no environment or community incidents. Controllable financial performance was below the target set of US$1.6 billion and note this version of underlying does tend to strip out factors such as foreign exchange and commodity price movements and one-off items to arrive at performance of US$1.4 billion. Mackenzie's performance against the scorecard of measures was rated at 58% of target. Note this wasn't 58% of stretch. It was below target...yet without the Board's exercise of discretion, this level of performance could have paid out. the FY2011 LTIP grants also failed to vest as TSR of (-63.4%) over the five year performance period was less than the weighted median (-58.4%) of the peer group. BHP Billiton Ltd's 2016 AGM is on 17 November 2016
Please sign in to comment on this wire.