Rio Tinto Executive and Director Compensation 2011

In reading about the directors and executives for Rio Tinto (Rio Tinto: Form 20-F).  I was pleasantly surprised to find that the CEO has an actual mining background.  Chief executive Tom Albanese has a bachelor’s degree in Mineral Economics and a masters in Mining Engineering from the University of Alaska Fairbanks.  This is a far cry from most of the other mining companies whose CEO’s are accountants or lawyers and where the ‘mining experience’ comes from being the executive at some other mining company.  Let me tell you something, directors of mining companies, if your experience with mining included wearing a business suit and not a jump suit then your experience doesn’t count.  Mines are dirty places, Mike Rowe places, not Italian suit places.

Rio Tinto is suddenly my favorite mining company and Tom Albanese is my new hero.  Tom is the leader of one of the biggest mining companies in the world and he has a mining background similar to mine (to a point).  This is someone whose brain I would definitely like to pick. 

Mr. Albanese started his career in mining with Resource Associates of Alaska in 1981.  In 1993 he became manager of Greens Creek Mine with Rio Tinto.  His work as executive didn’t begin until 2000 when he was appointed head of the Rio Tinto global industrial minerals program.  Mr. Albanese was named CEO of Rio Tinto in 2007 (see uafnews.com).

Executive Director Compensation

Tom Albanese - CEO: 8,620,000 pounds

Guy Elliott - CFO: 5,284,000 pounds

Sam Walsh – Chief Executive Iron Ore and Australia: 7,674,000 Australian dollars

Other Executives

Hugo Bague: 3,191,000 pounds

Preston Chiaro: 3,929,000 US Dollars

Bret Clayton: 4,656,000 US Dollars

Jacynthe Cote: 4,286,000 US Dollars

Andrew Harding: 3,741,000 pounds

Harry Kenyon-Slaney: 2,772,000 pounds

Doug Ritchie: 4,150,000 Australian Dollars

Debra Valentine: 3,861,000 US Dollars

Non-Executive Directors

Jan du Plessis – Chairman: 1,456,000 pounds

Robert Brown: 267,000 pounds

Vivienne Cox: 215,000 pounds

Sir Rod Eddington: 80,000 Australian Dollars (retired from the board in 2011)

Michael Fitzpatrick: 221,000 Australian Dollars

Yves Fortier: 102,000 pounds (retired from the board in 2011)

Ann Godbehere: 239,000 pounds

Richard Goodmanson: 261,000 pounds

Andrew Gould: 250,000 pounds

Chris Lynch: 65,000 Australian Dollars (appointed to the board in 2011)

Paul Tellier: 264,000 pounds

John Varley: 59,000 pounds (appointed to the board in 2011)

Executive Compensation for other Mining Companies:

Cameco - Management Proxy Circular
Gold Fields Annual Report 2011
Barrick Annual Shareholder Meeting
Kinross Compensation for Senior Leadership
Newmont Mining Corporation - Executive and Director Compensation 2011