Anglo American pulls back its plan to revise executive bonus criteria just days before Teck merger shareholders vote
Anglo American (AAL.L) announced on Monday that it has withdrawn its proposal to revise how executive directors receive bonuses from the upcoming merger with Canada’s Teck Resources (TECKb.TO). The move follows pushback from investors who raised concerns about the policy.
The company emphasized that the merger remains conditional solely on the approval to issue new shares, and not on the changes to executive compensation. The remuneration committee will continue engaging with shareholders to refine the pay policy, with a view to presenting an updated framework at the 2026 annual general meeting.
The roughly $53 billion deal, if completed, would forge a copper powerhouse and rank among the largest mining industry mergers. However, given its scale, it will undergo scrutiny from multiple regulators, including authorities in Canada.
Teck shareholders are slated to vote on the merger on December 9.
Reporting by Yamini Kalia in Bengaluru; editing by Rashmi Aich
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