Anglo American - AGM 05 May 2020
Item 4: Elect Ms. Nonkululeko Nyembezi
We have concerns over aggregate time commitments: Ms. Nyembezi is the CEO of a listed company and non-executive director and a chairwoman in three other listed companies.
Item 7: Re-elect Mr. Stuart Chambers
There has been no progress in gender diversity. ECGS recommends to oppose the re-election of the Chairman of the Nomination Committee.
Items 16 and 17: Remuneration policy and report
The maximum total variable remuneration under the remuneration policy could reach 510% of base salary in ordinary circumstances, which is above our limit of 300%.
There should be a better alignment between Anglo American's KPIs and executive remuneration: the 2019 bonus excessively relies on the EPS (50%). The CEO's and Board's total remunerations are excessive regarding the Company's size and scale, its sector and its performance.
Anglo American is a global mining company with a portfolio of mining operations and undeveloped resources. Co. is focused on diamonds, copper, platinum group metals (PGMs), and bulk commodities and other minerals. Co.'s segments include: De Beers, which produces rough and polished diamonds; Copper, which produces copper; Platinum, which produces PGMs; Iron Ore and Manganese, which produces iron ore, manganese ore and alloys; Coal, which produces metallurgical coal and thermal coal; and Nickel, which produces nickel.
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