Glencore finance chief enjoys 50 per cent rise in total pay

THE CHIEF financial officer of commodities giant Glencore saw his total pay jump almost 50 per cent in 2012, a year that saw the trading house finally secure its long-awaited tie-up with Xstrata.

Finance chief Steven Kalmin took home £2.1m last year – up from £1.4m in 2011 – which includes a salary of £700,000 and an annual bonus of £1.4m. His Glencore stake will also hand him an £11m dividend payout.

By contrast, chief executive Ivan Glasenberg’s total pay package was frozen at £964,000 last year – the same amount he took home the year before – as he declined to take a bonus. However, his shareholding of 1.1bn shares will yield more than £173m in dividend income for the mining veteran.

Meanwhile, Glencore chairman Simon Murray took home £675,000 for his work last year.

Glasenberg, who will assume the role of chief executive at the combined Glencore Xstrata company following a six-month interim period under Xstrata head Mick Davies, is still waiting for the green light from China for the £56bn mega-merger with the miner.