BHP GC takes $300k pay cut

BHP Billiton chief legal counsel and head of external affairs John Fast took a $300,000 pay cut this year, but still managed to rake in a package worth some US$1.85m before long-term incentives.

Fast, who is based at BHP’s Australian headquarters in Melbourne, had his remuneration package published in the mining giant’s annual report for the 2005-06 financial year.

The remuneration table for key management personnel revealed that Fast saw his base salary rise four per cent to $738,079, while his bonus fell marginally to $649,283.

The dip in his total package came through remuneration related to his shareholdings. Fast took $29,606 from a dividend equivalent payment in 2006, compared to the $101,530 he received in 2005.

The value of his deferred shares also fell from $557,230 to $437,246.

Fast was the lowest paid of all key management personnel that served a full year in the office of the chief executive.