Xstrata PLC : Xstrata Shareholders Oppose Pay Deal -UK Papers
06/02/2012| 06:35am US/Eastern
Xstrata PLC's (XTA.LN) major shareholders have vowed not to let the company "get away with" its planned GBP173 million pay package to retain senior executives, the Daily Telegraph reported Saturday.
"The pay packages are completely unacceptable and they shouldn't be allowed to get away with it," the paper quoted Richard Buxton of major shareholder Schroders as saying. "If people can be stirred up to vote this down, it will be a triumph for the shareholder spring," he added, according to the Daily Telegraph.
Separately, the Financial Times said Xstrata Chairman John Bond and senior independent director David Rough will meet shareholders over the next two weeks to try to head off protests over the retention packages. Fund manager Fidelity said the payments were "provocative and insensitive given the current climate," the Financial Times reported.
-By London Bureau, Dow Jones Newswires +44 207 842 9262; email@example.com