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Anglo shareholders revolt against Cutifani’s $4.9 million pay

Cutifani has been at Anglo American’s helm since 2013 and navigated the century-old miner through one of its most traumatic periods. (Image: Screenshot from Anglo American video via YouTube)

Anglo American (LON:AAL) shareholders have rejected the miner’s pay policies in the last of several objections to hefty rewards for UK executives.

A trio of investor advisory groups had urged Anglo’s investors to reject chief executive Mark Cutifani’s pay at the annual meeting Thursday. Anglo’s boss was awarded a $4.9 million (£3.4m) pay package last year, when the firm was among UK’s worst-performing stocks.

Almost 42% of proxy votes at Anglo’s annual shareholder meeting were cast against the firm’s annual pay report.

The move, backed by 42% of proxy voters, follows BP shareholders decision last week to reject a package of almost $20 million and a 20% pay rise for chief executive Bob Dudley in 2015, as the oil group reported a record annual loss last year.

Anglo has been one of the hardest-hit by a slump in commodities. In December it announced plans to cut 85,000 jobs and dispose of more than half its mines in response to the plunging price of iron ore and other metals.

Earlier today, Anglo posted first-quarter results, which revealed a 10% in diamond production and a 27% decrease in iron ore output from Kumba, although iron ore production from Minas-Rio and platinum production increased.

Full voting results will be released on Friday, Anglo American said.