RICH TO FILTHY RICH FOR BHP BOSS
BHP chief executive Mike Henry’s annual pay has more than doubled to $19.7m for the 2021 financial year after a raft of long-term incentives vested, making him one of Australia’s best paid bosses.
Mr Henry earned the same base salary of $US1.7M and received $US4.7M under the miner’s cash and deferred plan and $US7.9M of longterm incentives. That compared to $US1.9M under the cash and deferred plan and $US3.1M of long-term incentives last year.
Mr Henry’s total pay of $US14.5M dwarfed last year‘s $US6.07M figure but he was only in the job for half of the financial year, after replacing Andrew Mackenzie.
The $US7.9M long-term bounty is based on the full award he received in 2016 when he was BHP’S president of operations for Minerals Australia. The value delivered through share price appreciation between the date of grant and the vesting date was $US3.8M, BHP said.
Long-term awards in 2016 were double the current grant size, BHP noted, which had led to the pay inflation.
“Had the current approved remuneration policy been in place when Mike’s 2016 longterm incentive plan grant was made, the reported longterm value for FY2021 would have been $US3.97M instead of $US7.9M and the reported single total figure of remuneration for FY2021 would have been $US10.5M instead of $US14.5M,” BHP said. His $US4.7M under the cash and deferred plan was due to him hitting 115 per cent against the 100 per cent target set by the board.