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Reuters reports that investor interest group ShareSoc says Anglo American's proposed remuneration for CEO Mark Cutifani is too high and it has urged shareholders to reject it at next week's annual general meeting.
The mining giant, which posted steep losses last year due to the slump in commodity prices, has sought to offset poor trading conditions with a restructuring plan that led to a 50% reduction in head office costs and the closure of 20 mines since 2013. However, ShareSoc noted that the CEO’s remuneration has not been reduced to reflect the smaller, simpler company that Anglo now is. Cutifani is still set to receive 6.3-million pounds ($8.9 mln) for target performance and 8.8-million pounds for "above" target performance. "We consider the pay of the CEO to be too high, and particularly so in a year when the company suffered a loss of $5.6-billion in 2015 and dividends were suspended," the group said in a statement on Thursday.
- Read this report in full at Mining Weekly
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