April 1 (Bloomberg) — Investors in Rio Tinto Group should oppose its policy on pay and dividends at the annual meeting of shareholders of the world's second-biggest mining company this month, said Pensions & Investment Research Consultants Ltd.
Chief Executive Officer Sam Walsh's pay compared with the company's average worker is "deemed to be disproportionate," PIRC, a U.K. adviser to institutional investors with more than 1.5 trillion pounds ($2.5 trillion) in assets, said today in an e-mailed statement. Walsh's pay compared with total shareholder returns is also excessive, PIRC said in recommending investors vote against resolutions including remuneration policy.
The 64-year-old Australian head of the London-based company was appointed in January last year, relocating from Perth where he led the iron ore division, Rio's most profitable unit.
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