Glencore boss’s bonus cut by £170k after deaths

Glencore’s chief executive had his bonus cut last year after four of his employees died.

Around £170,000 was docked from Gary Nagle’s pay packet for 2022, though his final package still reached £4.9 million.

Cashing in: Around £170,000 was docked from Gary Nagle’s pay packet for 2022, though his final package still reached £4.9 million

The mining company’s annual report, published last week, revealed it suffered four fatalities last year, the same as in 2021.

They occurred in Kazakhstan, the Philippines and Colombia, but no further details were given.

Glencore said each was ‘thoroughly investigated by an independent internal team’, adding it was determined to eliminate all deaths in the business.

Nagle was handed an eye-watering bonus in his first full year as boss in 2022. It doubled from £1.7 million to £3.4 million and came on top of a salary of £1.5 million a year and other benefits.

Nagle replaced Ivan Glasenberg in 2021, who remains the firm’s largest shareholder with a 9.58 per cent stake.

Last month, Glencore posted record profits of £27 billion thanks to soaring commodity prices.