This occurred because Kloppers also picked up performance-based incentive shares worth about $10 million.

Kloppers sold $1.8 million of BHP shares on the London stock market overnight.

The sale followed his disposal of 98,000 at $33.52 per share on the ASX on Wednesday, in which he collected nearly $3.3 million.

BHP said Klopper made both sales “in order to meet expected tax obligations”

The good news for Klopper came with the award of 245,000 shares under his 2007 long-term incentive package and 54,831 under a 2010 incentive scheme.

Last month, BHP revealed Kloppers had volunteered to forego a $A4.24 million annual bonus for the 2011-12 financial year, due to the impairment the company recorded against the carrying value of the Fayetteville shale gas assets it bought from Chesapeake Energy in 2011.

The remuneration committee agreed with Kloppers’ request and also decided not to award him any deferred shares.

In addition, the committee decided to freeze his base salary at $US2.2 million ($A2.1 million) a year.

BHP shares closed 1% up to $A33.32.

This article first appeared in ILN's sister publication MiningNews.net.