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DRC: New Glencore CEO Nagle’s proposed salary is drawing criticism

By Nelly Fualdes
Posted on Wednesday, 21 April 2021 02:44, updated on Tuesday, 27 April 2021 15:43

Gary Nagle, currently head of Glencore's coal business, will take over the reins of the group at the end of June. DR

Glencore’s current CEO Ivan Glasenberg will soon be stepping down, to be replaced by Gary Nagle at the end of June.

Glencore, the Swiss mining and trading giant that is particularly active in the DRC’s copper and cobalt sectors, has offered Nagle a salary of up to $10.4m a year.

This amount, which consists of a base salary of $1.8m, a short-term incentive of 250% and a long-term incentive of 225%, has prompted the influential proxy advisory firm Glass Lewis to recommend that shareholders oppose such a high remuneration policy at the company’s next general meeting on 29 April.

The US firm considers the remuneration to be “excessive for a newly appointed CEO who has no prior experience of running a listed company.”

Glasenberg’s shoes