Xstrata’s Glencore directors not independent enough, says PIRC

A SHAREHOLDER advisory group has recommended that its members vote against the re-election of three non-executive directors at Xstrata on the grounds that they are also nominees of Glencore.

The Pensions Investment Research Consultants (PIRC) have said that Xstrata investors should oppose the re-appointment of Ivan Glasenberg, Aristotelis Mistakidis and Tor Peterson on the grounds that they are “not independent” because of their involvement with Glencore, which owns 34 per cent of Xstrata’s stock.

The issue has come into sharp focus due to Glencore’s imminent flotation, which many have said could be a precursor to a merger with Xstrata. Glencore’s float prospectus is due out in early May.