COMPANY COMMENT
Shareholders warm to Anglo’s remuneration policy
Just 8% voted against the policy at its AGM, particularly impressive given CEO Mark Cutifani’s total package more than doubled in 2018
The days of embarrassingly large votes against its remuneration policy appears to be well behind Anglo American. At the mining group’s AGM held earlier this week, a mere 8% of shareholders voted against the executive remuneration policy. This reflected continued improvement on the previous year’s 10%, which in turn was a massive improvement on the 42% opposition at the 2016 AGM. The latest vote was particularly impressive given that CEO Mark Cutifani’s total package more than doubled in 2018 thanks to the vesting of shares awarded to him in the depths of the commodity slump three years ago. The recent hefty increase in the Anglo share price meant Cutifani’s long-term incentive package was worth £10.2m (about R192.7m), compared with £3.2m (about R60.4m) the previous year.It would have been considerably higher had it not been for the introduction in 2017 of a cap on the value of 2016 long-term awards. This cap lobbed a hefty £6.4m (about R120.9m) off Cutifani’s award. Without it, h...
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