Glencore faces shareholder dissent on new chief Gary Nagle’s pay – by Neil Hume and Attracta Mooney (Financial Times – April 14, 2021)

https://www.ft.com/

Glencore is facing the threat of investor dissent after an influential proxy adviser urged shareholders to reject new chief executive Gary Nagle’s incentive scheme and abstain from a climate change resolution.

Glass Lewis called on investors to oppose the miner and commodity trader’s pay policy and its plans to introduce a restricted share plan, a type of long-term scheme that pays out a set amount of shares, at the group’s annual meeting this month.

In a report for clients it cited reservations “regarding the maximum opportunity available under the plan when considered in the context of the newly appointed CEO’s base salary level and annual bonus opportunity” as the reason for its recommendation.

Glencore has only had three CEOs since it was founded in 1974 and Nagle will be the first subject to a conventional pay arrangement, with the bulk of his remuneration coming from short and long-term incentive schemes.

Ivan Glasenberg, who has run the FTSE 100 company since 2002, was only paid a basic salary of $1.5m. Because of his large stake in the company he waived any salary increase and participation in bonus and incentive schemes.

For the rest of this article: https://www.ft.com/content/46b8d2d2-b15d-4a67-93df-4792dc4497c7

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