Rio Tinto proposes 56% rise in CEO Simon Trott’s target pay to £9.8 million - report

Rio Tinto's board has proposed a significant 56% increase in Chief Executive Simon Trott's target remuneration package, raising it to £9.8 million, according to a report. This move comes as companies in the defence, aerospace, and energy transition sectors are competing fiercely for senior talent. The board has also expanded its peer group for executive pay benchmarking, incorporating U.S. energy giants Chevron and ExxonMobil, as well as GE Aerospace.

Rio Tinto's remuneration committee chair, Ben Wyatt, stated that the company is actively consulting investors ahead of revising its remuneration policy. Trott's fixed pay would remain unchanged, while incentives linked to multiyear business performance and shareholder returns would be revised. The proposed changes aim to drive business performance, support long-term strategy, and attract and retain top leadership in a competitive global market.

Trott, who assumed the CEO role in July 2025, achieved a 43% increase in underlying earnings during the first half of the year while implementing restructuring measures and asset sales. The revised package would cover the next three years and require shareholder approval at the company's annual meeting next year.