|Issue No 48||31 March 2000|
Shares Plummets But Rio Bosses Get Millions
By Paddy Gorman
The fact that Rio Tinto shares plummeted from a high of $33 in January this year to $22 in March, wasn't enough to stop the multinational's bosses from dipping their snouts in the corporate trough again.
Chief executive Leon Davis and chairman Robert Wilson have got a salary increase to close on $5 million a year. The 16-man Board of Directors have also celebrated the declining share value with increases ranging from $100,000 to $600,000.
The latest rises come just months after Rio Tinto announced that Davis would retire this year on a package worth about $16 million. It would take almost 400-years for an Australian worker on the average weekly wage to earn Davis's retirement package!
In sharp contrast to the directors incompetent performance, Australian mineworkers have increased productivity to record levels at Rio Tinto's operations only to be confronted by a company drive to lower wages and cut conditions.
With the company's Annual General Meetings to be held in May in London and Brisbane, Rio Tinto can expect another concerted attack on its shocking global record and the pathetically inept performance of its arrogant Board members.
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