Newcrest boss takes $1m paycut

Miner says executive remuneration was lower in fiscal 2013 than previous years.

Newcrest Mining's (NCM) boss has received a million dollar pay cut after the group slumped to a full-year loss amid a review of its disclosure practices.

In a statement to the Australian Securities Exchange, Newcrest said chief executive officer Greg Robinson's total remuneration was $2.7 million in fiscal 2013, down from $3.7 million in the prior year.

Mr Robinson received a zero short term incentive award and will not receive a salary increase when the group conducts its annual pay review next month, Newcrest said.

Short term incentive awards of 8% or less of the maximum were given to the finance director and other executive managers.

The group said remuneration was considerably lower in fiscal 2013 than previous years, reflecting the miner's financial performance (see Tim Treadgold's Digging down into the Newcrest cave-in).