Anglo American chief’s pay more than doubled last year

Anglo American chief executive Mark Cutifani saw his pay package more than double last year as he received stock awarded during the depths of the commodity price crash three years ago.

Mr Cutifani pocketed $14.7 million (€12.97 million) in 2018, according to the company’s annual report, up from £6.7 million a year earlier, boosted by the £10.9 million share award. His basic salary was little changed at £1.3 million and his short-term bonus was lower at £1.75 million.

“Mark Cutifani’s remuneration level for 2018 is higher than usual as a result of significant share price growth in the 2016 long-term incentive plan vesting value,” the annual report said.

Anglo faced a backlash from investors over the large number of shares granted to Mr Cutifani and other executives in 2016 as part of the company’s long-term incentive plan.

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The award was calculated by dividing executives’ salary by the company’s share price at the time. When Anglo’s stock price sank in 2016 – it bottomed out at 200p – Mr Cutifani was granted almost one million shares, almost three times as many as he received a year earlier. – Copyright The Financial Times Limited 2019