Anglo American bosses to lose out on bumper share awards following remuneration reforms
Anglo American bosses will reportedly lose out on millions in share awards as they plan to redraft remuneration rules following a shareholder revolt last year.
According to Sky News, the FTSE 100 mining group will cap the amount bosses can earn from long-term incentive plans agreed when its shares were suffering in the face of drooping commodity prices.
The plans could be applied retrospectively to bonuses awarded as far back as 2014. The full details are expected to be included in Anglo American's annual report, due next month.
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Executive remuneration has become a hot topic after the mining firm was among the businesses to face a rebellion.
Prime Minister Theresa May made the issue a central part of her leadership campaign, and a government consultation on corporate governance closed last week, with companies invited to respond to suggestions including requirements for publicly-listed firms to publish pay ratios, and worker representation on remuneration committees.