MELBOURNE (Reuters) - BHP Billiton Ltd
New Chief Executive Andrew Mackenzie, who was first poached from rival Rio Tinto
In total, Mackenzie was awarded shares worth 4.6 million pounds, after the company decided to pay out only 65 percent of long-term share bonuses. That left him 3.9 million pounds short of the total he could have earned.
BHP cut bonus payouts largely because total returns to shareholders (TSR) were negative rather than positive over the five years to June 2013, although at negative 9.4 percent, BHP's return looked far better than the negative 44 percent return suffered by its peers.
That was above the company's target to outperform peers by at least 31 percent.
"While the Committee recognized that the TSR performance was delivered in a difficult business environment, it also felt that more closely aligning the experience of shareholders and executives was important," the company said in a statement to the Australian stock exchange.
It also took into account factors such as fatality trends and capital project performance.
Former CEO Marius Kloppers was awarded shares worth A$11.5 million ($10.4 million) at Thursday's close, which was A$6.2 million short of what he could have earned. ($1 = 0.6421 British pounds) ($1 = 1.1083 Australian dollars)
(Reporting by Sonali Paul; Editing by Chris Gallagher)