Anglo American’s merger bonus was a pay wheeze too far | Nils Pratley
Anglo American’s merger bonus was a pay wheeze too far | Nils Pratley
Miner will have to do things by the book after ditching plan to pay bosses millions in bonuses after Teck deal
Shareholder rebellions over executive pay aren’t what they used to be. In the past 18 months, bumper incentive arrangements for the bosses have been approved at AstraZeneca, the London Stock Exchange Group and Smith & Nephew. All those companies have managed to argue successfully that, since the bulk of their revenues are made on the other side of the Atlantic, the executives should be paid like Americans.
Perhaps it was such favourable votes (for the executives) that persuaded the remuneration committee of FTSE 100 miner Anglo American that its cheeky “resolution 2” within the proposed $50bn all-share merger with the Canadian group Teck Resources wouldn’t cause a fuss.
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Source: Original business report via Business | The Guardian
