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AUSTRALIA'S BHP ASKS SHAREHOLDERS TO APPROVE EXECUTIVE PAYOUTS.

AsiaPulse News

| October 01, 2002 | COPYRIGHT 2002 Asia Pulse Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

MELBOURNE, Oct 1 Asia Pulse - Shareholders at BHP Billiton's (ASX:BHP) annual general meeting are going to be requested to approve a payment scheme which could award executive directors Brian Gilbertson and Charles Goodyear a total of 750,00 shares valued at more than $A6 million ($US3.25 million).

Under the new Group Incentive Scheme, Mr Gilbertson could receive up to 500,000 shares, valued at $A8.20 ($US4.44) each, while Mr Goodyear could receive 250,000 shares.

The scheme, to be approved by shareholders, will build cash bonuses and shares into executive pay packages in an attempt to create both short and long-term incentives.

Executives' bonuses will be determined according to performance criteria, and then split between cash and shares or options.

The maximum number of securities is based on the expected annual salary of the relevant executive director at an assumed exchange rate of $A1.8096 to $US1 and assumed ...

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Source: HighBeam Research, AUSTRALIA'S BHP ASKS SHAREHOLDERS TO APPROVE EXECUTIVE PAYOUTS.

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