Rio Tinto Proposes 56% Pay Increase for CEO Simon Trott
Rio Tinto proposed raising CEO Simon Trott's target remuneration to £9.8 million to remain competitive against global energy and aerospace firms.
The board of Rio Tinto has proposed increasing the target remuneration package for CEO Simon Trott by 56% to £9.8 million. The plan, which requires shareholder approval at next year's annual meeting, would also raise Trott's maximum potential remuneration by 63% to £18.3 million by increasing both short-term and long-term incentive caps.
To justify the increase, the board expanded its peer benchmarking group beyond traditional mining to include US energy and aerospace companies such as ExxonMobil, Chevron, and GE Aerospace. Ben Wyatt, chair of the remuneration committee, stated the changes are intended to attract and retain leadership in a global market where pay is surging due to the energy transition and defense sectors.
Trott, who took the role in July 2025, has overseen a 43% increase in first-half underlying earnings and a strategy to divest $5 billion in non-core assets. While some investors believe the package aligns with shareholder interests, others warn the move could fuel salary inflation among Australian mining executives and create negative optics during a cost-of-living crisis.
