Despite investor disapproval, Xstrata paid bonuses for Glencore takeover

|About: Glencore Plc (GLCNF)|By:, SA News Editor

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.