Further to my original note on Rio Tinto's 2015 results, (VIEW LINK) Rio Tinto has released its 2015 Annual Report and AGM materials (plc 14 April; ltd 5 May). I take a look at the remuneration outcomes in this note. (VIEW LINK) I had some difficulty in reconciling the narrative disclosures to the numbers. One feature to note in the STIP is the use of flexed earnings and free cash flow measures. Removing the effects of fluctuations in foreign exchange rates and metals and commodity prices in the 'flexed' measures brings an air of unreality to the performance targets set. Looking at the AGM agenda, Aiming for A Coalition, a UK-centric group of shareholders, has requisitioned a resolution on climate change and sustainability disclosures. I take a look at that resolution in this note. (VIEW LINK) Rio Tinto's response is quite different to those seen last year from the Boards of AGL Energy, Origin Energy and ANZ

Patrick Poke

12% pay cut, 51% decline in underlying earnings, reported loss... something definitely doesn't add up there.