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Newcrest boosts CEO's long-term incentives

Prashant Mehra  |  09 Oct 2017Text size  Decrease  Increase  |  
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SYDNEY, Oct 9 AAP - Newcrest Mining (ASX: NCM) will bump up long-term incentives for chief executive Sandeep Biswas by $US500,000 ($A642,950) in a bid to keep him with the gold miner.

Mr Biswas's annual long-term incentive grants will be increased to 180 per cent of total fixed remuneration from November--from 150 per cent--the company said in its annual report released on Monday.

That means the CEO will be granted long-term incentives worth $US3.1 million ($A4.0 million) for the 2018 financial year, compared to $US2.6 million in 2017.

"The change is intended to recognise the highly competitive global market for executive talent, particularly amongst the global gold mining companies with which Newcrest competes," chairman Peter Hay and remuneration committee head Rick Lee said.

The hike is designed to encourage him to remain with Newcrest over the long term, they said.

Mr Biswas, who joined Newcrest in 2014, earned $US6.64 million in 2017, including salary of $US1.72 million, short-term incentives of $US2.3 million and long-term incentive grants worth $US2.5 million.

That compared to a total pay of $US4.67 million in 2016.

Newcrest said the CEO's fixed remuneration and short-term incentives will remain unchanged.

Australia's biggest gold miner in August posted a lower-than-expected full-year profit of $US308 million after an earthquake at its biggest mine cut production, but doubled shareholder dividends to 15 US cents a share.

On Monday, Newcrest said it will also raise chief financial officer Gerard Bond's total fixed remuneration by 6.25 per cent.

At 1110 AEDT, Newcrest Mining shares were up 1.1 per cent at $21.79 each.

 

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