Proxy advisers have backed Whitehaven Coal’s new approach to executive pay as London hedge fund Bell Rock made remuneration the new focus of its activistBell Rock has this year lobbied Whitehaven to spend its $2.65 billion cash pile on shareholder returns rather than
The SIP did away with “relative total shareholder return” (TSR) as an influencing factor on executive bonuses in favour of metrics aligned to coal production volumes, unit costs, safety, environmental performance and most of all, earnings before interest, tax, depreciation and amortisation (EBITDA).
Whitehaven mostly mines NSW thermal coal for power generation and has publicly stated its strategy to increase its exposure to coking coal for more than five years. “We currently have no reason to doubt the boards’ governance and we do not view the website campaign as providing reason to start,” said CGI in a note to Whitehaven shareholders.“We have no reason to doubt the boards’ governance of its capital allocation process and consideration of its growth options.”
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