Glencore boss’s bonus cut by £170k after deaths
Glencore’s CEO was cut off his bonus last year after four of his employees died: about £170,000 was written off from Gary Nagle’s pay package
Glencore’s CEO was cut in his bonus last year after four of his employees died.
Around £170,000 was written off Gary Nagle’s pay package for 2022, although his final package still reached £4.9 million.
Cashing in: Around £170,000 was written off from Gary Nagle’s 2022 pay package, though his final package was still £4.9million
The mining company’s annual report, published last week, showed four fatalities last year, the same number as in 2021.
They occurred in Kazakhstan, the Philippines and Colombia, but no further details were given.
Glencore said each of them was “thoroughly investigated by an independent internal team,” adding that it was committed to eliminating all deaths in the company.
Nagle received an eye-watering bonus in his first full year in charge in 2022. It doubled from £1.7million to £3.4million and was on top of a salary of £1.5million a year and other benefits.
Nagle replaced Ivan Glasenberg in 2021, who remains the company’s largest shareholder with a stake of 9.58 percent.
Last month, Glencore posted a record £27bn profit on rising commodity prices.