Anglo American PLC on Monday said it has withdrawn a proposed amendment to raise minimum vesting of the share awards for 2024 and 2025 following shareholder concerns.
In its circular to shareholders in November, the London-based miner’s remuneration committee had proposed a 62.5% minimum vesting of the share awards for 2024 and 2025 for its executive directors.
This was conditional on the completion of the Teck Resources Ltd merger.
As the proposal fell outside of the current Anglo American Directors’ Remuneration policy, it was submitted as a resolution for approval by shareholders at the general meeting on Tuesday this week.
However, Anglo said shareholders had ‘raised a number of concerns’ regarding the proposal and, therefore, withdrew the amendment from its general meeting agenda.
The resolution was intended to incentivise and support the delivery of the merger, as well as retain senior management, particularly as the merger requires the relocation of Anglo’s headquarters to Canada.
In September, Anglo announced plans to merge with Canada’s Teck Resources Ltd to form Anglo Teck PLC with a majority copper focus. Shareholders of Anglo American will own 62.4% of the enlarged company, and Teck shareholders 37.6%.
Anglo said on Monday that the merger is not conditional on approval of the resolution related to remuneration.
Shares in Anglo fell 0.8% to 2,956.00 pence on Monday morning in London.
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