Glencore chief defends $165m payout

Ivan Glasenberg, the chief executive of recently-floated Glencore, has defended the $165m dividend payout he pocketed last year.

Speaking to the Telegraph Glasenberg said he received the payout as an owner and not an executive, adding the criticism is unjustified. "I am receiving that dividend payment as an owner and not as an executive, so it should not be seen as part of my remuneration," said Glasenberg. His bonus came to light in Glencore's annual results yesterday, in which the group reported a final dividend of $0.10 per share this morning, taking the total payout for the full year to $0.15. Overall Glencore saw net income of $4.06bn for 2011, up 7% from 2010, with revenues up 28% to $186bn. But sec...