Governance

Service contracts

The following table details the key aspects of each executive's employment contract.

	T Albanese	G Elliott	D Evans	H Bague	B Clayton	P Chiaro	K Johnson	G Thorne	D Valentine	S Walsh
2008 roles held and commencement date	Group CEO (1/5/07)	Finance Director (19/6/02)	ED & CEO Rio Tinto Alcan (25/10/07)	Global head of Human Resources (1/8/07)	CEO Copper & Diamonds (15/11/07)	CEO Energy & Industrial Minerals (15/11/07)	Group Executive Business Resources (1/6/07)	Group executive Technology & Innovation (1/6/07)	Global head of Legal (15/1//08)	CEO Iron Ore (1/11/04)
Contract date (current contract)	1/5/07 (Contract disclosed 8/5/07)	19/6/02	25/10/07	25/3/07	1/6/06	30/9/03	12/3/04	25/5/06	12/11/07	3/8/04
Years of service completed	27	28	1	1	14	17	17	33	1	17
Standard contract conditions	Pension or superannuation fund participation. Salary subject to annual review. Eligible for Rio Tinto Long Term Incentive Plans (LTIP). Eligible for employee car scheme in accordance with policy applicable in country of assignment. Eligible for medical benefits programmes applicable to employees generally in country of origin. Where applicable, receive expatriate secondment packages which may include a housing benefit, repatriation and tax equalization.
Term	It is the Group's policy that executives' service contracts generally have no fixed term, but are capable of termination giving no less than the notice set out below. Dick Evans' contract has a term of 27 months (not 24 months as incorrectly stated in 2007) and ends on 31 December 2009.
Notice	12 months	12 months	12 months or remaining term after 31/12/08	12 months	12 months	12 months	12 months	6 months	12 months	12 months
Resignation	Outstanding Long Term Incentive awards under the SOP, MCCP and MSP are forfeited as is any pro-rata STIP.
Retirement	Pro rata STIP paid based on portion of performance period worked. LTIPs subject to performance test at completion of normal performance period and options or performance shares may vest at that time to the extent provided by the performance condition. Options or performance shares held for less than 12 months at date of termination are reduced pro rata. MSP awards vest pro-rata upon retirement.
Termination by company - general including redundancy	Rio Tinto has retained the right to pay executives in lieu of notice. Given the wide variety of circumstances leading to early termination, the executive's service contracts do not provide explicitly for compensation but, in the event of early termination, including redundancy, it is the employees in particular regions. Notice may be worked or fully or partly paid in lieu, at Company discretion, and additional capped servicerelated payments may apply. Compensation would not provide reward for poor performance. In the event of termination except for cause, STIP would be paid based on the portion of the performance period worked. LTIPs would be subject to a performance test at completion of the normal performance period. Options and performance shares may vest at that time to the extent provided by the performance condition. Options or performance shares that have been held for less that 12 months at the date of termination would be reduced pro-rata. MSP awards vest pro-rata upon termination for reasons other than cause.
Termination for cause	Employment may be terminated by the Company without notice and without payment of any salary or compensation in lieu of notice. Outstanding awards under the SOP, MCCP and MSP are forfeited as is any pro-rata STIP.
Change of control	Contractual entitlements to severance are not triggered by a change of control. LTIP rules in the event of a change of control apply to all plan participants and are set out in the Remuneration components sections of the report that deal with each LTIP vehicle including the SOP, MCCP and MSP.