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Mining boss cops 10 per cent pay cut

Woodside Petroleum Pluto LNG
Woodside Petroleum Pluto LNG

The chief executive of a petroleum exploration and production company has copped a major blow to his own bottomline, suffering a 10.2 per cent pay cut.

Woodside Petroleum CEO Peter Coleman’s total remuneration for the 2016 reporting period was nearly $8.95 million – down from $9.97m the year before.

Others who received paycuts included:

  • executive vice president and chief operations officer Mike Utsler $2.63m (-14.4 per cent)
  • executive vice president business development and growth Gregory Roder $2.16m (-8.4 per cent)
  • executive vice president marketing, trading and shipping Reinhardt Matisons $1.45m (-1.4 per cent)

The company blames short-term incentives for decreasing 58.5 per cent $US1.085m.

Executive vice president and chief financial officer Lawrie Tremaine’s remuneration was unchanged at $2.34 (-0.3 per cent).

However, the majority of executives bucked the trend and even received small payrises:

  • executive vice president development Robert Edwardes $2.21m (+14 per cent)
  • executive vice president global exploration Phil Loader $2m (+10.4 per cent)
  • senior vice president corporate and legal and general counsel Michael Abbott $1.2m (+7.5 per cent)
  • senior vice president people and global capability David McLoughlin $869,059 (+6.3 per cent)
  • senior vice president and chief technology officer Shaun Gregory $1.42m (+4.9 per cent)

Read the full annual report here: www.woodside.com.au/Investors-Media/announcements/Documents/01.03.2017%20Annual%20Report%202016.pdf


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