Rio Tinto Cuts CEO, Executive Bonuses Over Destruction Of 46,000-year-old Cave

(RTTNews) - Rio Tinto Plc said that it will cut this year's bonuses of its chief executive officer and two other senior executives following a review of the company's destruction of two ancient rock shelters in Western Australia.

The review found no single root cause or error that directly resulted in the destruction of the rockshelters. It was the result of a series of decisions, actions and omissions over an extended period of time, the Anglo-Australian mining giant said in a statement.

Rio detonated explosives in May in an area of the Juukan Gorge, destroying the 46,000-year-old Aboriginal heritage site in Western Australia.

The company has cut its chief executive officer J-S Jacques' short-term bonuses of 1.70 million pounds. It will also reduce J-S Jacques' 2016 long-term incentive plan award by 1 million pounds. The long-term incentive is due to vest in the first half of 2021.

Chris Salisbury, chief executive of Iron Ore; and Simone Niven, Group Executive, Corporate Relations will not receive their short-term bonuses of A$1.11 million and 525,000 pounds respectively.

Simon Thompson, chairman of Rio Tinto, said the company will not repeat what happened at Juukan Gorge and it will continue its work to rebuild trust with the Puutu Kunti Kurrama and Pinikura people.

Thompson said that the company fully recognizes traditional owners must be treated as equal partners which includes regular, open and respectful dialogue.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story


Latest Markets Videos


Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More