'Rio TNT' detonates investor rage over a 7.2m bonus for ousted boss

By Francesca Washtell8 days ago

Rio Tinto is bracing for a shareholder rebellion tomorrow after handing 7.2million to its boss who oversaw the destruction of a sacred site.

A huge row is brewing over the decision to grant the windfall to former chief executive Jean-Sebastien Jacques despite him being ousted after the company blew up two 46,000-year-old rock shelters.

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Rio is one of several major London-listed firms preparing for a showdown with investors in the coming weeks over issues including executive pay, corporate governance and climate change.

It has prompted speculation that the 2021 AGM season could bring bruising encounters like that seen in 2012.

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Laith Khalaf, analyst at AJ Bell, said: 'Investors are putting companies under the microscope on environmental, social and governance [ESG] issues, so we could be set for another 'shareholder spring'.

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