Outgoing BHP boss Marius Kloppers earned more than $US16 million ($A17.14 million) in the last of his 20 years at the global mining giant.
The 51-year-old South African could earn up to another $A18 million in long term bonuses through to 2017, based on BHP’s current share price.
Plus, the one million shares he personally owned or held interests in when he stepped down as CEO in May, are currently worth more than $A35.5 million.
Mr Kloppers continued to be paid his $US2.2 million base annual salary after stepping down, as he is working as a consultant up to the end of September to help with the transition to Andrew Mackenzie.
Of the $US16.2 million Mr Kloppers earned in the 2012/13 financial year, 83 per cent was short term and long term bonuses.
Half of those bonuses were paid in shares.
In 2012/13, BHP’s profit dropped by 30 per cent to $US10.9 billion, due mainly to weaker commodity prices.
But it did lift its full year dividend to shareholders by four per cent.
New chief executive Andrew Mackenzie was paid $242,00 in cash in his first seven weeks in the role, plus potential long term incentives and other benefits to the value of about $2.2 million.
But the company’s executive pay has changed since the boom years experienced during Mr Kloppers’ six year tenure as boss.
Mr Mackenzie and the rest of the 12-member group management committee are all taking 25 per cent pay cuts compared to what top managers received under Mr Kloppers, BHP’s annual report, released on Wednesday, revealed.
Many of those top managers now also hold more responsibility while taking home less pay, due to the removal of a layer of management by Mr Mackenzie.
Long term bonuses were cut by 35 per cent last month in recognition of weaker returns for BHP shareholders over five years.
Directors’ fees have also been frozen for the third consecutive year.
Mr Mackenzie’s annual salary is $US1.7 million, plus 25 per cent in superannuation, short term incentives worth up to $US4.1 million and long term bonuses worth up to $US6.8 million.
In the annual report, BHP chairman Jac Nasser warned investors of continuing short term pain and falling commodity prices, with iron ore, petroleum and copper BHP’s major earners.
China’s weaker than expected growth, and supply growing faster than demand, were blamed for the company’s lower profit.
However Mr Nasser predicted lower rates of investment across the resources sector would lead to more balanced markets, while China’s economy should rebalance.
“We maintain a positive outlook over the long term as the fundamentals of wealth creation, demographics and urbanisation continue to create demand for commodities across Asia and other markets,” Mr Nasser said.
