South African businessman Brian Gilbertson earns a cool R1-million a week as boss of the world's largest mining resources group.
His predecessor at BHP Billiton, Paul Anderson, admitted when he left the job earlier this year that he had been overpaid "relative to what any human being should be paid".
Gilbertson, who is based in Sydney, Australia, received a pay increase of more than 70 percent for this financial year, which he started as deputy chief executive, despite weakness in the global commodity markets and an extensive cost-cutting exercise when attributable profit fell by 12 percent.
According to the group's annual report, released on Monday, for the 12 months to June he received remuneration of R38,5-million, which was boosted to R52-million by the inclusion of retirement benefits and share-based compensation.
For the previous financial year, he received R23-million.
Gilbertson has 6,6 million shares, which he has accumulated through the company's restricted share scheme and its co-investment plan. At the end of June, Gilbertson's accrued annual pension entitlement was R8,9-million.
He is also entitled to benefits such as medical insurance, permanent health insurance, a car allowance and "use of certain BHP Billiton Group facilities and benefits".
Anderson, who was BHP Billiton chief executive until July this year, received remuneration of R50,5-million for the 2002 financial year. He was reported as saying about his pay: "Relative to a comparable-sized job in the US, it was a fraction of what you would get." - Business Report