- Shareholders be damned: Xstrata awarded some executives "transaction bonuses" last December to mark its takeover by Glencore (GLCNF, GLNCY), two weeks after shareholders rejected retention payments exceeding $200M.
- The payments came to light as part of a lawsuit involving a former Xstrata executive who was paid a transaction bonus of $783K but sued claiming he was owed a severance payment of ~$667K when he was forced to resign.
- Two weeks before the bonuses were awarded, Xstrata investors voted to block a plan to distribute £144M of retention payments to ~70 managers.
From other sites
at CNBC.com (Jun 19, 2014)
at CNBC.com (May 29, 2014)
at CNBC.com (May 5, 2014)
at CNBC.com (Mar 10, 2014)
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