Overview
- Anglo withdrew a proposal that would have guaranteed at least 62.5% vesting of 2024–2025 LTIP awards for senior executives if the $50bn Teck merger completed, worth about £8.5m to CEO Duncan Wanblad.
- Legal & General said it would vote against the pay change and ISS advised investors to reject it, even as the advisory firm recommended supporting the merger itself.
- The company said dropping the bonus plan has no bearing on the proposed Anglo–Teck combination, with investor votes on the deal scheduled within a day.
- Anglo argued the now-abandoned amendment was intended to align incentives with completing the merger and to help retain leadership through a period of significant change.
- The miner said it will engage further with shareholders on director pay ahead of next year’s AGM and on an updated remuneration policy to be put to a 2026 vote.