Anglo American axes bumper pay plan ahead of vote

cityam12-08 21:55

Duncan Wanblad took over as Anglo American chief executive in 2022 (Ian Waldie/Bloomberg via Getty Images) Anglo American has shelved plans to give its top executives a bumper payday if it completes ...

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Other executives’ pay packets were also set for an uplift.Shareholders of both Anglo and Teck had been poised to vote on a range of resolutions at special meetings in London and Vancouver this week. Anglo argued that the revised remuneration packages were needed to retain its key staff “through a period of significant change”, when senior management would be required to operate at “exceptional performance”.But the motion on pay was abandoned on Monday, the London-listed mining giant confirmed, after a string of shareholders and proxies came out in opposition to the proposals. In November, Institutional Shareholder Services – a UK-based group acting as the main proxy adviser for Anglo shares – recommended its clients approve the deal in the round but object to the pay resolution.\n\nAnglo American fails to get pay packet past investorsAsset manager Legal & General also confirmed it planned to oppose the revamped long-term incentive plan (LTIP), saying it broke its remuneration policies. \n\n\n\n\n\n\nNews Updates\nStay ahead with our three daily briefings delivering all the key market moves, top business and political stories, and incisive analysis straight to your inbox.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWriting in an update to investors earlier this month, the pensions and insurance giant said: “While we understand the rationale for incentivising management to ensure the merger’s successful completion, which we support, we sought assurances and a clear indication of direction of future performance-based incentive plans, that would have enabled us to support these LTIP amendments. “The company was not able to provide these assurances, and we will therefore be voting against resolution 2.”","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.35.11","shortVersion":"4.35.11","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2589980356","isCrawlerRequest":true}