Anglo American scrubs its executive compensation proposal from the vote on its Teck Resources merger
Anglo American confirmed on Monday that it has withdrawn a proposal to alter the bonuses awarded to its executive directors from the shareholder ballot tied to its merger with Canada’s Teck Resources. The move comes after investors voiced concerns about the proposed pay changes.
The merger, valued at about $53 billion, would fuse Anglo American’s operations with Teck to form a copper powerhouse. However, because the deal is so large, it still requires approvals from multiple regulators, including Canadian authorities.
Despite pulling the executive-pay resolution, Anglo American said the merger itself remains contingent only on the approval to issue new shares, not on the remuneration policy. The company’s remuneration committee plans to engage further with shareholders to refine the pay policy ahead of the 2026 annual general meeting.
Teck shareholders are set to vote on the deal on December 9.
Reporting by Yamini Kalia in Bengaluru; Editing by Rashmi Aich
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