BHP head Kloppers gets pay hikes that total to $US11.3 million in fiscal 2010
Fresh from its revelation that it garnered a total of $US12.47 billion of profit during the financial year 2009/10, BHP Billiton Ltd (ASX: BHP) rewarded its top honcho Marius Kloppers with a nine percent spike on his salary compensation, leading to a total pay of $US11.3 million or $A11.86 million last year.
BHP Billiton said on Wednesday that the total package was inclusive of cash and benefits all paid in fiscal 2010 and coming from the $US10.4 million or $A10.91 million that the chief executive received in the previous period.
Mr Kloppers' pay rise came with the more than 16 percent profit gains posted by BHP Billiton in fiscal 2010, which the company said was largely determined by its 'balanced scorecard' that factors in BHP's finances, health and safety, environment and capital deployment performances.
In its annual report, BHP Billiton said that Mr Kloppers' remuneration jump was mostly influenced by the chief executive's impressive figures as reflected in the balanced scorecard, with a company spokeswoman specifying that "in particular, strong profitability, effective capital management and leadership of key change initiatives drove the assessment by the Remuneration Committee."
The giant mining firm revealed that Mr Kloppers actually pocketed $US4.44 million in cash form while the balance was paid in share-based payments, which the spokeswoman described as only number 14 when compared to 30 similar-sized companies and stressing that "he is lower than many comparative global companies with a similar scale and reach."
Former BHP Billiton chair Don Argus was given a total remuneration of $2.65 million at the time of his retirement from the company in March 2010 while a host of other BHP executives received salary packages that average no more than $US6 million in the same financial year.
Mr Kloppers' reported remuneration paled in comparison to the salary package of $US16.2 million paid by the Commonwealth Bank of Australia (CBA) to its chief executive Ralph Norris, arguably making the bank executive as Australia's highest paid CEO.