Rio Tinto pays former chief executive’s deferred incentive plan awards
12 Marzo 2020 - 2:05AM
Business Wire
As previously disclosed, in light of the ongoing investigations
by regulators into a payment made to a consultant in relation to
the Simandou iron ore project in Guinea, a deed of deferral was
mutually agreed between Rio Tinto and Sam Walsh, as a matter of
good corporate governance. Sam was chief executive of the iron ore
product group at the time the payment was made.
The principal provision of this deed was that the deferred
incentive plan awards, which would have vested up to 2021, would be
subject to a staged deferral.
Rio Tinto felt that a further deferral of the amounts that were
payable on 31 December 2018 was appropriate given that the
regulatory investigations in relation to the Simandou matter are
ongoing. However, the parties could not agree to extend the deed of
deferral.
Following the completion of an independent confidential and
binding dispute resolution process, a determination was made that,
under the terms of the deed, Mr Walsh’s incentive plan awards
should not be subject to any further deferrals and are payable. As
a result, payments will be made by Rio Tinto to Sam Walsh of all
deferred incentive plan awards which would have been payable on 31
December 2018 together with associated dividends and interest.
Simon Thompson, Chairman of Rio Tinto said: “When the deferral
agreement was entered into, both Rio Tinto and Sam hoped that the
Simandou regulatory investigations would have been completed by
now. The Rio Tinto Board made a determination, pursuant to the
deferral agreement, to further defer the awards as the regulatory
investigation remains open. Following the completion of the
confidential and binding dispute resolution process, a decision was
made that the amounts should be paid.”
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This announcement is authorised for release to the market by Rio
Tinto’s Group Company Secretary.
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