Seeking Alpha

Despite investor disapproval, Xstrata paid bonuses for Glencore takeover

  • 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.
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