Glencore shareholders revolt over CEO’s pay

Proxy adviser Glass Lewis, one of Glencore’s (LSE: GLEN) top shareholders, is pushing investors to vote against the company’s plans to pay its new chief executive Gary Nagle up to US$10.4 million. In a report for clients, Lewis said it was concerned that the remuneration package for Nagle was “excessive for a newly appointed CEO with no previous experience of running a publicly listed company.” Glencore announced in December that Ivan Glasenberg, its long-serving CEO, was to step down this year and be replaced by Nagle, head of its coal mining business. Continue reading at The Northern Miner.