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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Rio Tinto Group    RIO   AU000000RIO1


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Rio Tinto Cuts Executive Bonuses Following Rock-Shelter Destruction

08/23/2020 | 05:14pm EST

By Mike Cherney

SYDNEY--Mining giant Rio Tinto PLC said it would cut executive bonuses, including for its chief executive, following an internal review into the company's decision to blow up two rock shelters that were important to indigenous Australians.

Rio said Monday that Chief Executive Jean-Sébastien Jacques, Chief Executive of Iron Ore Chris Salisbury and Group Executive for Corporate Relations Simone Niven would not receive a performance-related bonus for 2020 under the company's short-term incentive plan. In addition, Mr. Jacques' 2016 long-term incentive plan award will be reduced by 1 million British pounds (US$1.3 million).

Rio said its review found that although the company obtained legal authority to impact the rock shelters in northwestern Australia's minerals-rich Pilbara region, it fell short of standards and internal guidance that Rio sets for itself. Rio also found a series of decisions and flaws in systems over an extended period of time ultimately led to the incident, and that no single individual or error was solely to blame.

"There were numerous missed opportunities over almost a decade and the company failed to uphold one of Rio Tinto's core values - respect for local communities and for their heritage," said Chairman Simon Thompson. "We are determined to learn, improve and rebuild trust across various internal and external partners."

The review detailed a number of areas where Rio could improve. Rio said it continues to cooperate with a government inquiry into the incident.

Rio Tinto previously apologized for the destruction of the caves and acknowledged that its actions had damaged trust between the company and the traditional owners of land around the Juukan Gorge site, the Puutu Kunti Kurrama and Pinikura people, or PKKP. The caves contained a trove of artifacts, indicating they had been occupied by humans more than 46,000 years ago.


Write to Mike Cherney at mike.cherney@wsj.com


Stocks mentioned in the article
ChangeLast1st jan.
3I GROUP PLC 0.37% 1075.5 Delayed Quote.-1.55%
NORTHWESTERN CORPORATION 2.10% 61.77 Delayed Quote.-13.81%
RIO TINTO GROUP 2.22% 103.13 End-of-day quote.2.72%
RIO TINTO PLC -1.56% 4969 Delayed Quote.12.21%
SILVER 0.22% 23.35 Delayed Quote.32.04%
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Financials (USD)
Sales 2020 42 541 M - -
Net income 2020 9 722 M - -
Net Debt 2020 3 412 M - -
P/E ratio 2020 10,8x
Yield 2020 6,44%
Capitalization 112 B 112 B -
EV / Sales 2020 2,72x
EV / Sales 2021 2,74x
Nbr of Employees 46 000
Free-Float 65,2%
Duration : Period :
Rio Tinto Group Technical Analysis Chart | RIO | AU000000RIO1 | MarketScreener
Technical analysis trends RIO TINTO GROUP
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 65,49 $
Last Close Price 67,52 $
Spread / Highest target 41,7%
Spread / Average Target -3,00%
Spread / Lowest Target -35,5%
EPS Revisions
Jean-Sébastien Jacques Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Jakob Stausholm Chief Financial Officer & Executive Director
Michael Gerard L'Estrange Independent Non-Executive Director
Megan Clark Independent Non-Executive Director
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