Pirc on attack over Vedanta's bonus awards

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The Independent Online

Shareholders in Vedanta Resources should vote against the India-focused miner's remuneration report, a leading advisory body has said ahead of the group's annual meeting this week.

Pension fund advisory group Pirc argued that Vedanta's policies could not be reconciled with the bonuses of executive directors, including executive chairman Anil Agarwal, deputy executive chairman Navin Agarwal and chief executive MS Mehta.

Anil Agarwal received an annual performance bonus of £500,000, while Navin Agarwal and MS Mehta received £353,000 and £127,000 respectively. In all, including the bonus and other payments, Anil Agarwal's total remuneration stood at £1.73m, up from £1.38m last year.

"The remuneration report states that bonus awards are dependent on 'effective stakeholder management which resulted in recognition and achievement of awards in CSR [corporate social responsibility], safety, quality, business excellence and best employer status'," said Pirc. "In light of the loss of 26 lives across group operations and projects, it is not clear how the award of bonuses can be reconciled with stated policy."

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