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08.12.25 - 18:30
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Anglo American′s merger bonus was a pay wheeze too far | Nils Pratley (The Guardian)
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Miner will have to do things by the book after ditching plan to pay bosses millions in bonuses after Teck dealAnglo American drops plan to pay bosses millions in bonusesShareholder rebellions over executive pay aren't what the 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. Continue reading......
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08.12.25 - 11:48
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Anglo American drops plan to pay bosses millions in bonuses after $50bn Teck merger backlash (The Guardian)
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FTSE 100 miner's U-turn follows investor opposition to payouts when deal completes, including estimated £8.5m to CEOBusiness live – latest updatesLondon-listed miner Anglo American has dropped plans to award its bosses multimillion-pound bonuses if its planned $50bn mega-merger with a Canadian rival goes through, after a backlash from its investors.The FTSE 100 miner had sought shareholder approval for a plan to award its chief executive, Duncan Wanblad, a huge share bonus if the deal to buy Teck Resources to create a copper producing giant is completed. Continue reading......
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