Glencore chief Glasenberg took no bonus or pay rise last year
GLENCORE Xstrata’s chief executive Ivan Glasenberg took no bonus or pay rise last year, having waived his bonus entitlement for 2013 and 2014.
In its annual accounts, the newly-merged commodities trader showed that he could have taken up to £3.5m dependent on hitting performance targets, but he decided to take his basic salary and pension of £964,000, flat on the previous year.
But he owns 1.1bn shares in FTSE 100-quoted Glencore, meaning he is set to collect $182m (£110m) in dividends for 2013.
Meanwhile non-executive director Tony Hayward, the former chief executive of oil major BP during the infamous 2010 Gulf of Mexico oil spill, received £474,000 last year, after he stepped in as interim chairman after Simon Murray’s departure.
Glencore has said that it will name a new permanent chairman by the annual meeting in May.
The company pleased the market earlier this month with consensus-busting earnings, in its first full-year results since the merger.