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Glencore proposes to alter CEO pay terms after any takeover, FT reports

By Reuters News

Nov 2 (Reuters) - Glencore GLEN.L is proposing to change CEO Gary Nagle's pay package to allow him to cash out long-term share awards more quickly if the miner is taken over, the Financial Times reported on Monday.

  • The company has proposed altering a change-of-control provision that could keep Nagle’s shares unvested, even if he leaves Glencore following a takeover, the FT reported, citing people familiar with the matter and an investor presentation

  • However, under the plans, Nagle's shares would vest if Glencore is bought by a rival and he is replaced as CEO, though some awards would remain subject to a holding period

  • Glencore declined to comment. In February, the company and Rio Tinto RIO.L, RIO.AX shelved months of negotiations over a merger to form the world's largest miner

  • Nagle's total pay was $7.5 million in 2025, as per Glencore's annual report

  • The majority of his pay comes through a career shares award, with a target opportunity of 350% of salary and maximum of 525%, the annual report showed

  • Glencore is proposing to increase the upper limit of the career shares range by slightly more than 10%, the FT said, adding that the company is also proposing an inflation-related increase to Nagle's fixed pay

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