Fortescue Metals Group Ltd reported its highest ever annual profit and dividend on Monday due to sky-high iron ore prices but senior management received a surprise cut to bonus payments.
Top executives will receive just 28% of what they could have gained in a long-term incentive plan, the world’s fourth-largest iron ore miner said. It cited community expectations around executive pay and noted its results were in part due to robust market pricing that was outside the control of management.
The much lower-than-expected bonus payments, which analysts described as unusual, will affect some 30 people. For some executives, it comes on top of cuts to a separate bonus scheme after a cost blowout and delays at Fortescue’s Iron Bridge magnetite project.
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