Global mining giant BHP Billiton Ltd
(ASX:BHP) CEO Marius Kloppers received a 51 per cent increase in his remuneration package to US$10.39 million for the year to June.
This is despite calls for tougher regulation of executive pay packets in the wake of the global financial crisis.
However in the U.S. release of its annual report BHP defended the increase highlighting that over the five year performance period the company’s total shareholder return was 220 per cent.
The company says in contrast the average total shareholder return for an index of peer companies was 71.8 per cent.
BHP says that a big part of the pay rise was due to the long term incentive plan which came into affect this year.
Chairman John Buchanan says he is satisfied the remuneration package is sound.
BHP recently reported a fall in full year profit with Mr Kloppers saying the company does not expect a return to the same buoyant conditions that prevailed before the global financial crisis, or a return to record global growth rates within its forecasting horizon.
BHP’s 2009 net profit took a massive tumble from its high in 2008 of US$15.4 billion.
