BHP CHIEF HENRY LANDS A MONSTER PAYDAY
BHP chief executive Mike Henry’s annual pay has more than doubled to $US14.5m ($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 a sizeable $US7.9m of long-term incentives.
That compared to $US1.9m under the cash and deferred plan and $US3.1m of longterm incentives last year.
Mr Henry’s total pay of $US14.5m dwarfed last year‘s $US6.07m figure, which only included half the financial year as CEO.
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.
In its annual report released on Tuesday, BHP also said the $40bn merger of its energy arm with Woodside Petroleum and decision to proceed with the Canadian potash project would reshape the company’s commodity mix by the end of the decade.
“These decisions and intended steps are anticipated to result in around half of BHP’s revenues being derived from the futurefacing commodities of copper, potash and nickel by the end of this decade,” Mr Henry said.
“We also expect the other half, comprising iron ore and higher-quality coking coal, to see upside as the world decarbonises.”
The Woodside deal would also hand shareholders greater control over their exposure to commodities, he added.
“We expect shareholders to benefit from significant synergies arising from the intended merger, and they will have greater choice in how to shape the relative commodity exposures in their own portfolios,” he said.
BHP shares closed up 25c at $41.73 on Tuesday.