BHP execs take pay cut
A LITTLE more than a week after BHP sacked more than 300 Central Queensland mine workers, the company's annual report reveals senior executives have taken a pay cut.
But despite declining his usual annual bonus, chief executive Marius Kloppers will still rake in a tidy $9.8 million for his work during the past year.
The pay cuts have affected the company's entire senior executive team, including business unit leaders responsible for commodities produced by the world's largest natural resources company.
As part of the normal reporting cycle, BHP released its annual report and other documents to the Australian Stock Exchange on Tuesday.
The report came eight days after BMA asset president Stephen Dumble travelled to Emerald to deliver the news to 55 full-time workers and 242 contractors that they no longer had a job at the Gregory open-cut mine.
But the other parts of that operation, including the Crinum underground mine and the coal preparation plant, remained viable.
The report also confirmed company decisions to abandon the Norwich Park mine indefinitely and plans to expand operations at the Peak Downs coal mine, while the Caval Ridge mine was still on track to delivers its first production in 2014.
Global company revenue again grew from $71,739 million in 2011 to $72,226 million in 2012.
But the revenue earned from its Australian operations, based heavily on its iron ore and metallurgical coal production, fell from a high of $5487 million in 2011 to $5318 million in 2012.
In his review, company chairman Jac Nasser wrote that while global uncertainties still were creating challenges, he expected the demand from emerging economies would help prop up growth into the future.
Meanwhile, Flynn MP Ken O'Dowd told Federal Parliament yesterday he had sympathy for those Gregory mine workers who had lost their jobs.
"To the affected employees, I wish you every success in finding alternative employment.
"And to the BMA, I trust that your stewardship over these tenements remains responsible and with longevity in mind," he said.
BHP EXECUTIVE PAY CUTS:
CEO Marius Kloppers: $11.6m in 2011, $9.8m in 2012.11.6m
CCO Alberto Calderon: $5.8m in 2011, $5.7m in 2012.
Executive Andrew Mackenzie: $9.4m in 2011, $5m in 2012.
Executive Marcus Randolph: $6.4m in 2011, $6.3m in 2012.
Executive Alex Vanselow: $6m in 2011, $4.6m in 2012.
Executive Karen Wood: $4.9m in 2011, $4.6m in 2012.
Executive Michael Yeager: $6.6m in 2011, $5.3m in 2012.
CMO Mike Henry: $2m in 2012.
Group executive Graham Kerr: $2.2m in 2012.