Xstrata's 'Big Mick': no stay-on bonus brings 'unnecessary risks'
Frik Els | November 20, 2012
South African mining blog Miningmx reports Xstrata CEO Mick Davis said today that shareholders' decision to vote down a retention package for key executives of the diversified miner ahead of the tie-up with Glencore International poses "unnecessary risks" for the merged entity.
While the merger is a done deal, Xstrata's shareholders rejected the controversial retention bonus plan – which would have seen senior management receive a total of more $220 million just for staying on – by a resounding 78.4%.
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