Anglo American Reportedly Drops Executive Pay Award Plan Ahead of Shareholders' Vote on Teck Merger

MT Newswires Live12-09

Teck Resources' (TECK) merger partner Anglo American has dropped plans to award its top executives massive bonuses based on the success of the merger after shareholders objected to the proposal, multiple media outlets reported Monday.

Anglo had planned to amend its 2024 and 2025 long-term incentive structure so that chief executive Duncan Wanblad and other senior executives would have received a minimum of 62.5% of their share awards upon completion of the merger with Teck, the Financial Times reported.

Shareholders of both companies will vote on the approval of the $50 billion merger on Tuesday, the two companies said.

Anglo did not immediately reply to a request for comment from MT Newswires.

Price: 44.55, Change: -0.52, Percent Change: -1.15

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