Rio Tinto CEO Loses Money Due To Failure Of Corporate Governance Systems
Corporate Governance Failure Leads To Rio Tinto CEO Losing Bonus
The chief executive of Rio Tinto will lose his performance linked bonus this year over the destruction of an Indigenous heritage site in Western Australia according to Rio Tinto. Australian caves proving inhabitation for 46000 years were destroyed due to poor corporate governance within Rio Tinto.
Rio Tintos own internal investigations found that its corporate governance system failed leading to poor business decision making and damage to caves.
Rio Tinto CEO and the chief executives of its iron ore and corporate relations will not receive performance related bonuses this year due to the failure of corporate governance. The CEO also lose long term bonus bonus payments which could cost him an additional one million plus dollars.
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