Anglo American withdraws remuneration-related resolution from Teck merger vote agenda
Global miner Anglo American has decided to withdraw Resolution 2 from the agenda of the general meeting of shareholders to be held on December 9 to vote on the group’s merger with Canadian mining group Teck Resources, after concerns were raised by shareholders.
On November 10, Anglo American published a notice of the general meeting and circular to shareholders seeking approval of recommended proposals regarding the implementation of the merger of equals.
In the circular, Resolution 2 proposed an amendment to the terms of the 2024 and 2025 Anglo American long-term incentive plan awards granted to the executive directors.
Anglo American says that, while consulted shareholders strongly supported the objectives of Resolution 2 and appreciated the very specific context for the proposals, they did raise several concerns when considering more general remuneration principles.
“Anglo American strongly believes that the proposed amendment represents the most practical way to support the merger process and the principles and objectives set out in the circular but, having reflected carefully on shareholders’ concerns, has therefore decided to withdraw Resolution 2 from the agenda of the general meeting,” the company states.
The remuneration committee will continue to ensure the company’s remuneration mechanisms support effective incentivisation of Anglo American’s executive leadership and intends to engage further with shareholders as part of the development of the updated directors’ remuneration policy that will be submitted to shareholders at the 2026 AGM.
The merger is conditional on the approval of Resolution 1 relating to the allotment and issue of new shares in connection with it, and is not conditional on the approval of Resolution 2.
The board continues to recommend unanimously that shareholders vote in favour of the remaining resolutions proposed at the general meeting.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation


















