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Teck Resources, Anglo American Shareholders to Vote on Deal to Create Copper Giant
Anglo American withdrew a multimillion-pound executive bonus plan after shareholder opposition, while the US$20 billion Teck takeover vote proceeds as planned.
- On Monday, Anglo American Plc withdrew a resolution on executive incentives one day before shareholders vote on the US$20-billion Teck Resources Ltd takeover at special meetings in London and Vancouver.
- Anglo’s remuneration committee last month proposed linking long-term incentive awards for 2024 and 2025 to the Teck transaction, with 62.5 per cent vesting on deal completion, prompting opposition from Institutional Shareholder Services and Legal & General.
- London-Based Anglo in September announced plans to buy Vancouver-based Teck for roughly US$20-billion, with investors set to vote Tuesday at special meetings in London and Vancouver on a combined company headquarters in Canada with primary listing in London.
- A majority of votes cast by Anglo shareholders must be in favour, with some thresholds requiring two-thirds support, and Canadian federal government clearance is also required, the Globe and Mail reported Ottawa cleared national security.
- With proxy firms objecting, market-practice concerns may influence votes as Anglo scraps a bonus plan after multimillion-pound payouts raised shareholder ire, while Institutional Shareholder Services warned such pay breaches UK market practice.
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22 Articles
22 Articles
Coverage Details
Total News Sources22
Leaning Left7Leaning Right2Center3Last UpdatedBias Distribution58% Left
Bias Distribution
- 58% of the sources lean Left
58% Left
L 58%
C 25%
R 17%
Factuality
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