New boss of commodities giant Glencore has bonus cut after four of his employees died
The new boss of commodities giant Glencore has had his bonus cut after four of his employees died.
Pay chiefs at the group decided to dock $112,500 (£85,700) from Gary Nagle’s payout.
But he still received a $2.1million bonus on top of $1.1million in salary and benefits for six months since taking over.
‘Downward discretion’: Pay chiefs at Glencore decided to dock $112,500 (£85,700) from Gary Nagle’s payout
The South African, 47, was head of Glencore’s industrial coal arm based in Sydney before moving to Switzerland last year and taking over from Ivan Glasenberg in July.
Glencore said its pay committee had considered the deaths and issues around production levels before it ‘applied downward discretion to reduce the overall bonus outcome’.
It added: ‘We are saddened to report the loss of four lives at our operations during 2021, compared to eight during 2020. We are determined to eliminate fatalities across our business.’
It refused to explain the circumstances behind the deaths. Last month, it set aside $1.5million to settle corruption probes.