BHP Billiton has implemented a pay freeze for its chief executive and senior management team, as the downturn across the mining sector continues to bite.
The world's biggest miner said in its annual report on Thursday that the base salary and total target pay packages of Andrew Mackenzie, BHP chief executive, and other executives would be unchanged for 2015.
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Mr Mackenzie earned US$8 million in 2014, his first full year in the job – roughly half of what his predecessor Marius Kloppers earned in his final year as head of the Anglo-Australian miner.
"Last year, when Mr Mackenzie was appointed to the chief executive role, the board and committee believed that some downward rebasing of his remuneration package, relative to that of the former chief executive, was appropriate – a view supported by Mr Mackenzie," said BHP.