Anglo American has delivered on its promise and pared back the scope for mining executives to be excessively rewarded as a consequence of surging commodity prices and favourable exchange-rate movements. The undertaking to limit rewards was not as much as some shareholders demanded at the 2016 annual general meeting, but it marked an effort to ensure that executives do not score big remuneration payouts for developments beyond their control. In particular, it should help ensure that executives do not pocket hefty bonuses in times of negative returns. The mining group’s remuneration committee is also trying to limit the profit accruing to executives when they are awarded large tranches of shares during a slump in the share price. After the shareholder revolt in 2016, when a record 41% of shareholders voted against the remuneration policy, CEO Mark Cutifani promised to heed their concerns. In 2015, Cutifani was paid £3.4m, which seemed reasonable, but his package included an eye-poppin...

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