Today's Labour News

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earningsBloomberg reports that Glencore’s chairman has defended an incentive plan for the commodity giant’s new chief executive officer, after prominent advisory firms urged investors to vote against it.

Gary Nagle, the handpicked successor of outgoing CEO Ivan Glasenberg, will take over the helm of the world’s biggest commodity trader later this year. Glencore last month outlined Nagle’s pay plan, with a maximum total compensation of $10.4 million. The company said given that much of this would be held back until two years after his employment ended, the most he could receive in a year was $6.4 million. But advisors Institutional Shareholder Services Inc. and Glass, Lewis & Co. have recommended that investors reject the proposal at the company’s annual general meeting (AGM), saying the amount was excessive. Speaking ahead of this week’s AGM, Chairman Tony Hayward defended the payment plan: “We feel like we came up with an overall package that was fair, balanced and equitable. We’re not going to withdraw it from the AGM. It will be interesting to see what the result is.” He added that he was optimistic it would get significant support, although Glencore would take a final view after the AGM vote.

  • Read the original of the report in the above regard by Thomas Biesheuvel at Moneyweb

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