Anglo’s pay policy gets nod
The revised policy, which won the backing of 93% of shareholders on Tuesday, reduces the scope for executives to score huge packages on the back of surging commodity prices or favourable exchange rate movements
Anglo American avoided a second public relations disaster as 93% of its shareholders voted in favour of the group’s amended remuneration policy at Tuesday’s annual general meeting. The most contentious resolution at this year’s AGM related to the re-election of auditors, with just more than 16% of shareholders voting against the re-election of Deloitte. This represents a substantial increase on the 4% vote against their reappointment at last year’s AGM. Much of the increase could be accounted for by the Public Investment Corporation (PIC), which has taken a stand on the rotation of audit firms since the Independent Regulatory Board for Auditors launched its proposed policy on the matter towards the end of 2016. The PIC holds about 10% of Anglo. The auditor vote might have caused some discomfort among board members, but it was more than compensated for by the huge swing in support for the remuneration policy. At 2016’s AGM, a record 41% of shareholders voted against the policy in wha...