Will Anglo’s remuneration policy survive scrutiny?
CEO Mark Cutifani's remuneration in 2018 more than doubled
As the Anglo American board prepares for its annual general meeting at the end of April it must look on with envy at the huge support subsidiary Anglo Platinum seems inevitably to garner for its remuneration policy. At last week’s Amplats annual general meeting almost 100% of shareholders voted in support of the group’s remuneration policy. This is pretty much unchanged on the previous year’s support. Of course it helps that 78% of the Amplats shares are held by Anglo and probably accounts for the overwhelming majority of shareholders attending the annual general meeting.The Anglo board will be keen to see if the steady firming of the share price, since it hit a low of R54 in January 2016, will be sufficient to reverse recent years’ trend of shareholders’ opposing its remuneration policy.It might not help that one of the consequences of that share price strengthening has been the sharp hike in the value of the share options awarded to the executives. CEO Mark Cutifani's remunera...