Anglo American withdraws remuneration-related resolution from Teck merger vote agenda

lobal miner Anglo American has decided to withdraw Resolution 2 from the agenda of the general meeting of shareholders to be held on December 9 to vote on the group’s merger with Canadian mining group Teck Resources, after concerns were raised by shareholders.

On November 10, Anglo American published a notice of the general meeting and circular to shareholders seeking approval of recommended proposals regarding the implementation of the merger of equals.

In the circular, Resolution 2 proposed an amendment to the terms of the 2024 and 2025 Anglo American long-term incentive plan awards granted to the executive directors.

Anglo American says that, while consulted shareholders strongly supported the objectives of Resolution 2 and appreciated the very specific context for the proposals, they did raise several concerns when considering more general remuneration principles.

“Anglo American strongly believes that the proposed amendment represents the most practical way to support the merger process and the principles and objectives set out in the circular but, having reflected carefully on shareholders’ concerns, has therefore decided to withdraw Resolution 2 from the agenda of the general meeting,” the company states.

The remuneration committee will continue to ensure the company’s remuneration mechanisms support effective incentivisation of Anglo American’s executive leadership and intends to engage further with shareholders as part of the development of the updated directors’ remuneration policy that will be submitted to shareholders at the 2026 AGM.

The merger is conditional on the approval of Resolution 1 relating to the allotment and issue of new shares in connection with it, and is not conditional on the approval of Resolution 2.

The board continues to recommend unanimously that shareholders vote in favour of the remaining resolutions proposed at the general meeting.