Home > Newcrest boss’s pay axed by $1m

Newcrest boss’s pay axed by $1m

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Newcrest Mining’s boss has taken a million dollar pay cut to $2.73 million after the company reported its first annual loss in 11 years.

In a statement to the ASX, Newcrest said CEO Greg Robinson's total remuneration was $2.7 million in 2013, down from $3.7 million in the prior year.

Robinson, along with finance director Gerard Bond and other executive managers will not receive pay rises in 2014.

Robinson received no short-term bonuses in 2013, compared to around $700,000 in the previous year.

"Reflective of Newcrest's financial performance during the 2013 financial year, remuneration outcomes were considerably lower than in previous years," the company said.

Newcrest reported a net loss of $AU5.778 billion ($US5.32 billion) for the 2013 financial year results, a 617.3 per cent plunge from a net profit of $AU1.117 billion ($US1.028 billion) for financial year 2012.

The company is under investigation from ASIC for its disclosure rules regarding market-sensitive information.

The investigation is particularly interested in what the company told analysts immediately before its June 7 release, which included $6 billion in writedowns and production downgrades.

The ASIC investigation could take a year to finish.

A self-commissioned disclosure review by Newcrest Mining has mostly absolved the gold miner of any major misconduct.

The review said the company had not carried out analyst briefings without bringing everyone into the loop and instead pointed to delayed reaction to old information for several broker downgrades.

ASX chairman Dr Maurice Newman, who conducted the review, said last week he did not find the “smoking gun” proof that pointed to misconduct by Newcrest.

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