Glencore faces shareholder dissent on new chief Gary Nagle’s pay

Glencore is facing the threat of investor dissent after an influential proxy adviser urged shareholders to reject new chief executive Gary Nagle’s incentive scheme and abstain from a climate change resolution. Glass Lewis called on investors to oppose the miner and commodity trader’s pay policy and its plans to introduce a restricted share plan, a type of long-term scheme that pays out a set amount of shares, at the group’s annual meeting this month. In a report for clients it cited reservations “regarding the maximum opportunity available under the plan when considered in the context of the newly appointed CEO’s base salary level and annual bonus opportunity” as the reason for its recommendation.