BHP Billiton cuts bonuses, CEO forgoes $1.5 million in shares

BHP Billiton Ltd has cut bonus payouts to its top executives, as total returns to shareholders fell over five years, even though the top global miner beat its target for outperforming its peers over that period, Reuters reported.

New chief executive Andrew Mackenzie, who was first poached from rival Rio Tinto Plc in 2008, also gave up shares worth £941,000 ($1.47 million) at Thursday’s close that were due to him from his sign-on bonus.

In total, Mackenzie was awarded shares worth £4.6 million, after the company decided to pay out only 65% of long-term share bonuses. That left him £3.9 million short of the total he could have earned.

Read the full report here