BHP Billiton boss Andrew Mackenzie's pay has fallen more than 40 per cent as the resources giant faces up to a global commodities slump.
Mr Mackenzie earned $US4.58 million ($A6.46 million) in the 2015 financial year, down from nearly $US8 million in 2014. While his salary was held steady at $US1.7 million for the year, his short- and long-term incentive payments fell sharply.
BHP's annual report, released on Wednesday, also shows that the company will cut capital and exploration expenditure by $US2.5 billion ($A3.53 billion) this financial year to $US8.5 billion.
The move has been prompted by a slump in global prices of commodities and crude oil over the past year due to concerns about a supply glut and falling demand in China's troubled economy.
BHP in August reported an 86 per cent drop in net profit to $US1.9 billion amid falling iron ore, copper, coal and petroleum prices. Its shares have fallen nearly a quarter in the last 12 months.
Mr Mackenzie's short-term incentive payments in FY 2015 were affected mainly on account of five deaths at the company's operations during the year. He also did not receive any long-term incentives during the year because of weaker shareholder returns compared to peer companies.
Salaries and packages for the chief executive and group management committee members would not change in the current financial year, BHP said.
The miner cut salaries for its top management in 2013, and has frozen the payments since then.
BHP will, however, reduce fees paid to its chairman and non-executive directors from this year, after an annual benchmarking review.
Chairman Jac Nasser's fees will drop 13 per cent to $US960,000, while non-executive directors fees will decline by an average of 12 per cent a year.
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