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Ms McCormick said the pay package would have been the largest ever for the boss of a listed company.

Lithium Australia is a listed company that sorts and processes batteries that have come to the end of their lives, to extract their lithium and other metals for reuse.

The US firm, based in Austin, Texas, is a listed company on the US stock exchange, featuring in both the S&P 500 and the high-tech Nasdaq indexes.

The S&P All-Share index, which tracks the value of every listed company in the US, has soared over 85% over the last five years.

Although Microsoft is still the world’s most valuable listed company, Nvidia is not far behind.