Anglo Withdraws Executive Pay Plan Before Teck Takeover Vote

Anglo American Plc has withdrawn a resolution on executive incentives, the day before shareholders vote on its takeover of Teck Resources Ltd.

Anglo’s remuneration committee last month proposed that long-term incentive awards for 2024 and 2025 — tied to shareholder returns, cashflow, return on capital and environmental, social and governance measures — should also be linked to the Teck deal. Under the proposal, a minimum of 62.5% of the awards would have vested on completion of the takeover.