DENVER - jumped for the remuneration of the CEO of Freeport-McMoran Copper & Gold Inc. 76 per cent last year as the improvement of the global economy has been robust demand and higher prices of metals, according to an analysis of the Associated Press.
Richard c. Adkerson gets $ 35.3 million, mainly in stock awards grants and options, valued at $ 21.2 million when they were awarded, according to the calculations of AP based on a company filing made Thursday with the Securities and Exchange Commission.
That is compared with its system of remuneration of 20.1 million for 2009, when mining giant of Phoenix was still struggling against the effects of the recession.
Adkerson, who is also President of Freeport-McMoran, has been rewarded for the improvement of the year last in the financial performance of the company, led by higher gold and copper and stronger demand prices, especially in fast-growing countries such as China.
For the year, net income of Freeport-McMoRan was 4.3 billion dollars, or $9.14 per share, compared with 2.5 billion dollars, or $5.86 per share in 2009. Income increased by 28% to 1,003.00 billion.
Adkerson, 64, received a $ 2.5 million base salary and cash bonus based on performance of 10 million in 2010.
He received 1.77 million in benefits company and other personal benefits, including advice and financial a value of $20,000, the corporate aircraft use a value of $242,279, security and cars, a value of $179,771 and $ 1 million in contributions to a savings tax plan.
In 2009, Adkerson received a base salary of $, options price 2.5 million value 6.78 million dollars, a bonus of $ 10 million, $813,223 in other compensation and no stock grants.
The Associated Press formula calculates the total remuneration of the leader in the last year by adding the salary, bonuses, benefits, interest above the market, the company pays the deferred compensation and the estimated stock and stock options granted during the year.
The formula for the AP ignores changes in the present value of pension benefits. That is slightly different AP total in most cases the total reported by the companies of the sec.
The value that a company assigned to an Executive stock and option awards for 2010 has been the current value of that society expects prices worth the Executive over time. Companies use one of several formulas to calculate this value. However, the number is just an estimate and what leader receives ultimately will depend on the performance of the shares of the company in the years after the awards are granted. Most stock compensation programs require an Executive waiting time to receive shares or exercise options specified.
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