Mining giant competes for talent: Rio Tinto proposes raising CEO pay by 56%

Rio Tinto's board has proposed raising Chief Executive Simon Trott's target pay package by 56% to 9.8mn, according to four people familiar with the matter and documents reviewed by the media. Soaring pay at companies in defense, aerospace and the energy transition has left mining companies such as Rio Tinto struggling to keep up in the competition for top talent. According to an investor presentation reviewed by the media, Rio Tinto's board expanded its peer benchmarking group. Among others, Rio Tinto added US energy giants Chevron and ExxonMobil, as well as GE Aerospace, to its benchmarking list.