Antofagasta Minerals figures in its annual report

Antofagasta Minerals figures in its annual report
Antofagasta Minerals figures in its annual report

According to the annual report of Antofagasta Minerals, Iván Arriagada, the general manager of the mining arm of the Luksic group – of which he has 65% ownership – received a bonus of just over US$ 2 million for his performance during 2023. This, added to his base annual salary of US$ 1.3 million.

The CEO bonus – which has a maximum of 200% of salary – is calculated using a series of performance metrics that are grouped into key categories, each with a specific weight in the calculation of the total bonus.

For 2023, the weighting was as follows: core business performance (50% of the bonus), business development (25% of the bonus), and organizational capabilities and sustainability (25% of the bonus).

The report also details that the committee decided to significantly increase the award given to the CEO as part of the long-term incentive plan for 2024. Along these lines, it established an exceptional increase of up to 300% of the potential prize.

Likewise, the annual remuneration of Jean Paul Luksic is detailed: approximately US$ 1 million, divided into US$ 730 thousand for his services as helmsman of the board of directors of Antofagasta PLC, US$ 25 thousand for his services as president of the nominations committee and governance and US$260 thousand for his services as president of the board of directors of Antofagasta Minerals.

Regarding director pay, there has been no change since 2012. As a London-listed company, the report reflects British reporting standards. In the report, the company declared to have had pre-tax profits of US$ 1,900 million, 23% less than in 2022 and an EBITDA of US$ 3,087 million, 5% higher than last year.

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