Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

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

RIO TINTO GROUP

(RIO)
  Report
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

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%
All news about RIO TINTO GROUP
02:27aANALYSIS : Shocked by sacred sites blast, investors press mining firms to revamp..
RE
11/24RIO TINTO : neglected good communication with Indigenous groups - executive
RE
11/24Australia shares hit 9-month high as Biden transition lifts risk appetite
RE
11/24London stocks end at multi-month highs on vaccine optimism, commodity gains
RE
11/24RIO TINTO : Barclays sticks Neutral
MD
11/23RIO TINTO : and Tsinghua University extend partnership on resources, energy and ..
PU
11/23Australia shares end higher as biggest states lift border curbs
RE
11/20EUROPE : Commodity rally leads European stocks to third straight week of gains
RE
11/20Commodity rally leads European stocks to third straight week of gains
RE
11/17Australian institutional investor sees heritage risk across mining industry
RE
More news
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%
Chart RIO TINTO GROUP
Duration : Period :
Rio Tinto Group Technical Analysis Chart | RIO | AU000000RIO1 | MarketScreener
Technical analysis trends RIO TINTO GROUP
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
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
Managers
NameTitle
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
Sector and Competitors
1st jan.Capitalization (M$)
RIO TINTO GROUP2.72%112 213
BHP GROUP-1.59%126 652
RIO TINTO PLC12.21%107 827
ANGLO AMERICAN PLC6.37%35 901
GRUPO MÉXICO, S.A.B. DE C.V.34.46%26 307
FRESNILLO PLC63.70%10 626