Rio Tinto pays former chief executive’s deferred incentive plan awards
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
Company Research
Source: Business Wire
SYDNEY--(BUSINESS WIRE)--As previously disclosed, in light of the ongoing investigations by regulators into a payment made to a consultant in relation to the Simandou iron ore project in Guinea, a deed of deferral was mutually agreed between Rio Tinto and Sam Walsh, as a matter of good corporate governance. Sam was chief executive of the iron ore product group at the time the payment was made.The principal provision of this deed was that the deferred incentive plan awards, which would have vested up to 2021, would be subject to a staged deferral.Rio Tinto felt that a further deferral of the amounts that were payable on 31 December 2018 was appropriate given that the regulatory investigations in relation to the Simandou matter are ongoing. However, the parties could not agree to extend the deed of deferral.Following the completion of an independent confidential and binding dispute resolution process, a determination was made that, under the terms of the deed, Mr Walsh’s incentive p
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