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.
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