Xstrata boss quits in row over 'Glenstrata' bonuses

The merger of Glencore and Xstrata to form the world's largest mining company has finally been approved by shareholders, but has claimed the job of Xstrata chairman Sir John Bond in a row over pay.

The surprise move came after shareholders approved the £45bn ‘Glenstrata’ merger plans by a narrow margin, but refused to back proposals on bonuses and remuneration which would see £140m paid out to 70 senior staff. Bond said the plans on pay were crucial to retain key personnel, and were devised with shareholders’ interests in mind. “It is our judgement that retention arrangements served the interests of shareholders by mitigating the risk of losing the management team that built Xstrata and who would be fundamental to the group's future success,” Bond said in a statement. “..Toda...