Xstrata appeases shareholders with share awards for management

Xstrata has bowed into pressure from angry investors and announced that retention awards for management as part of its merger with Glencore will paid in shares instead of cash and will be subject to their future performances.

Xstrata has bowed into pressure from angry investors and announced that retention awards for management as part of its merger with Glencore will paid in shares instead of cash and will be subject to their future performances.

That means that Chief Executive Mick Davis's £173m "retention package" will be paid entirely in shares. The performance criteria linked to the awards for all directors will be based on realising additional cost savings as a result of the merger in the two years following the merger, expected to complete in early October.

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