SLI attacks Xstrata pay deal

Standard Life Investments (SLI), one of Xstrata's top ten shareholders, has vowed to vote against the proposed executive pay deal Xstrata board members are due to receive after merging with Glencore.

Last month the planned merger of the two commodities giants was given the green light by Xstrata's independent board members, after Glencore presented a revised $33bn (£20.79bn) bid for the company. As part of the agreement Xstrata board members are in line for a ‘golden handcuffs' deal, which will see executives pocket seven figure payouts. David Cumming (pictured), head of equities at SLI, said this morning on the BBC's Today programme that his firm supports the merger but will vote to block the executive pay off. "The merger is almost a done deal. It is unusual to see companie...