No bonus for GlencoreXstrata chief Ivan Glasenberg
Jim Armitage is the City editor of The Independent and London Evening Standard group of newspapers. He has been a reporter and editor for more than 20 years and was recently shortlisted for the Press Gazette financial journalist of the year and The Society of Editors financial journalist of the year awards. He contributes news, investigative reports and comment to the Independent titles plus a daily column in the Evening Standard.
Tuesday 18 March 2014
Ivan Glasenberg, the billionaire chief executive of GlencoreXstrata, took no bonus or pay rise last year, getting by instead on his $182 million (£109 million) share of the dividend payout.
Accounts for the company’s first year as a merged entity show his maximum pay package, if he hits all his performance targets, could be up to $5.8 million but he decided to settle only for his basic pay and pension of £964,000, flat on the previous year.
Tony Hayward, famed for being the boss of BP at the time of the Deepwater Horizon disaster in the Gulf of Mexico, was paid £474,000 by the commodities giant, making him one of the country’s best-paid non-executive directors. Added to his package at Genel Energy, Mr Hayward earned around £2 million last year.
The company pointed out that Hayward’s bumper pay deal reflected the fact that he stepped in as interim chairman in May at the company which has still not found a replacement for the departed Simon Murray.
Hayward has been tipped as a successor but the group has still not made up its mind. Genel has expressed doubts about whether he can pursue both roles.
At Glencore’s recent financial results it said it would name the new chairman by May.
Glencore’s board as a whole last year shared more than $200 million in dividends.
There were no bonuses for any directors, unlike in 2012 when chief financial officer Stephen Kalmin got £1.4 million.
- 1 Florida man sentenced to two-and-a-half years for having sex on the beach in front of a child
- 2 Autistic teenager beaten up by bullies makes them watch 20-minute video about autism
- 4 World learns of app that shows you who unfriended you on Facebook, app promptly crashes
- 5 Chris Moyles reportedly set to make radio comeback with new breakfast show on XFM
More Britons believe that multiculturalism makes the country worse - not better, says poll
Osborne to cap family benefits at £23,000 – announced ahead of his post-election Budget
Nathan Collier: Montana man inspired by same-sex marriage ruling requests right to wed two wives
Sickness and disability benefits could be reduced by £30 a week as part of £12bn welfare cuts
Greece debt crisis: Angela Merkel and Francois Hollande issue Athens with 24-hour ultimatum to avoid crashing out of the euro
Greece crisis: Referendum exposes a gaping hole at the heart of the European Union – its lack of genuine legitimacy
iJobs Money & Business
£40000 - £95000 per annum: Recruitment Genius: This is an exciting opportunity...
competitive: SThree: Are you passionate about sales?Do you have a keen interes...
£17000 - £30000 per annum: Recruitment Genius: This is an exciting opportunity...
£15000 - £17000 per annum: Recruitment Genius: This company offers a range of ...