Anglo American chief’s pay more than doubled last year
Mark Cutifani pocketed almost €13m, boosted significantly by a share award
Mark Cutifani, chief executive of Anglo American. Photograph: Rodger Bosch/AFP/Getty Images
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.
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