The amount of money Hancock Prospecting pays to key management more than doubled in a year, according to the company’s results released yesterday.
First reported by The Australian, the Hancock report revealed its payments to key management personnel reached $56.2 million last year, rising from $22.2 million in the previous year, and $10.3 million in 2010-11.
Despite the pay rise, profits fell. The company took $489.7 million after tax, well down from the $3.25 billion it posted the year before.
The top execs at Hancock include Rinehart lieutenant Jay Newby, prospecting executive director Tad Watroba, chief development officer John Klepec and general counsel Terry Walsh.
Though as The Aus points out, the increased salaries could be due to the expansion in Hancock’s management ranks as it gets the new Roy Hill iron ore project in the Pilbara up and running.
There’s more here.
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