Rio Tinto Proposes 56% Pay Rise for CEO as Miners Battle for Talent, Reuters Reports

Rio Tinto’s (LON: RIO) board has proposed raising CEO Simon Trott’s target pay package by 56% to £9.8 million, Reuters reported on Wednesday, citing four people familiar with the matter and documents it reviewed.

Under the proposal, Trott’s maximum remuneration would rise 63% to £18.3 million. His maximum short-term incentive would increase to 300% of base salary from 200%, and his long-term incentive would increase to 900% from 500%. Fixed pay would remain unchanged.

The overhaul would cover the next three years and requires shareholder approval at next year’s annual meeting.

According to Reuters, the miner has widened the group of companies it benchmarks executive pay against to include Chevron, ExxonMobil and GE Aerospace.

The report adds that mining companies are struggling to compete for talent as pay surges at defense, aerospace and energy transition firms. Even after the increase, Trott’s maximum package would sit just below the median of Rio’s 19 peers.

Ben Wyatt, chair of Rio Tinto’s remuneration committee, reportedly told25 Reuters that the company is consulting investors ahead of a policy update. He said the changes are designed to drive performance and retain strong leadership.

Trott, who became CEO in July 2025, delivered a 43% jump in first-half underlying earnings this year.

Some investors are said to have told Reuters they worry the proposal could fuel pay inflation among Australian mining executives and look poor amid a cost-of-living crisis. Others were more supportive of higher pay as a performance tool.