Yahoo Finance Newcrest slashes CEO's pay by nearly $1 million
Newcrest Mining is the latest company to reduce executive pay, with CEO Greg Robinson's packet slashed by almost $1 million for the 2013 financial year.
He received no short-term bonuses and saw total remuneration fall to $2.73 million, from $3.69 million last year.
"Reflective of Newcrest's financial performance in the 2013 financial year, remuneration outcomes were considerably lower than in previous years," the company said in a statement.
Mr Robinson, finance director Gerard Bond and other executive managers will not receive pay rises in fiscal 2014 either.
Mr Robinson's pay reflects the fact that he received no short-term bonuses in 2013, compared to about $700,000 the previous year. Those bonuses beefed up his $3.69 million-plus package in fiscal 2012.
Newcrest still paid out $544,000 in short-term incentives to executives but that was more than 85 per cent lower than the $3.69 million it paid the previous year.
Related: Newcrest posts $5.78 billion loss
The gold miner has struggled this year, posting a net loss of $5.78 billion on the back of tumbling gold prices as well as asset impairments and write-downs of $6.23 billion.
It was also the subject of an investigation by the Australian Securities and Investments Commission, following allegations it breached disclosure rules.
A series of broker downgrades in June were made in the days leading up to its flagged write-downs and a corporate restructure, raising suspicions that selected analysts had been told about it before the market.
Related: Newcrest review finds no smoking gun
An internal review failed to find a "smoking gun", but the head of the inquiry admitted he had been unable to interview any of the analysts involved.
Mr Robinson said last month that his most important priority was to fix the company's shattered reputation, expressing worry that the market did not trust the company.
He said the miner would slash costs this year, having already cut nearly 4,000 jobs.
The share price was trading at $13.30 on Monday afternoon, having more than halved in 12 months representing a loss of more than $12 billion in market capitalisation.
Related: Newcrest boss vows to fix reputation
The cut follows BHP Billiton's move earlier this year to slash chief executive Andrew Mackenzie's pay in response to global shareholder demand for austerity.
In contrast, Qantas chief executive Alan Joyce has seen his remuneration jump by over $1 million to hit $3.3 million this year.
Related: Qantas CEO snags $1 million raise
With input from AAP
