Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 229

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 229
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. We have found this has contributed to the high levels of trust we have built internally and externally that we will do what is appropriate and make sure it is well executed. Nevertheless, in recent years we have experienced unwanted executive turnover. The Policy changes made at the 2024 AGMs were supported by more than 97% of shareholders. These were structural changes that applied to the entire executive team and were a first step to ensuring that our framework remained competitive and fit for purpose while providing further alignment to our ambitious decarbonisation goals. The targeted salary increase we are making for the Chief Executive in 2025 addresses specific issues identified and flagged to many stakeholders in prior consultations as also needing attention, but was deferred until after the Policy review as part of a measured approach to pay. The Chief Executive’s salary no longer reflects the size and complexity of the company or the talent market in which we operate. His base salary and, consequently, target pay have fallen significantly behind the market with gaps now too large to ignore. Nevertheless, and consistent with our conservative approach, we have not sought to match the market at similar-sized and globally complex FTSE 10 companies and our key mining peers, but rather to reduce the pay gap to these market peers. For the avoidance of doubt, we have not attempted to replicate materially higher US pay levels, instead we have benchmarked to equivalent FTSE 10 and non-US global resources companies. Therefore it is incumbent upon the Committee to ensure the positioning of executive remuneration is appropriate for both retention and attraction. Seeking to pay a competitive market rate for all our employees, including executives, without exception, is consistent with and maintains our pay philosophy. CEO total remuneration at target (US$, excluding benefits)

Rio Tinto – current Rio Tinto – proposed Have you reduced incentives to reflect the tragic fatalities that occurred during the year? Safety remains the top priority for Rio Tinto and the Board. The Committee was deeply saddened by the tragic deaths of our colleagues in a plane crash while travelling to the Diavik mine at the start of the year; and by the loss of a contractor at our Guinea operations in October. These incidents were classified as work- related, representing the first work-related fatalities since 2018. In accordance with our STIP rules, the Committee determined a fatality deduction should apply to all STIP eligible employees and applied a reduction equivalent to 10% of the STIP outcome. Given the specific nature of the incidents, the Committee believes this is an appropriate reduction to be applied across all ST