Response to media article regarding Fortescue CEO remuneration

Aug 21, 2018

An article by Patrick Durkin in today’s Australian Financial Review, citing research by Melbourne University’s Centre for Corporate Governance and Regulation, states that Fortescue CEO Elizabeth Gaines’ salary in FY18 was A$9.737 million.

This figure is incorrect. The correct figure, as contained in table 6.1 of Fortescue’s FY18 Annual Report, is A$1,955,303 (which comprises base salary, superannuation and the short-term incentive paid in FY18). Ms Gaines also participates in the Company’s long-term incentive plan, which will be determined in 2020.

Fortescue executive remuneration is aligned to optimise returns to shareholders. 

Fortescue is committed to providing competitive remuneration and benchmarks against major indices such as ASX 30, ASX 50 and ASX 100 Resources. 

The FY18 Remuneration Report is available on www.fmgl.com.au.