Sunday 27 May 2018

Anglo reveals gender pay gap as chief executive sees pay soar

The company’s annual report shows that among its 258 UK staff, the median hourly pay gap between men and women is 49%.

City of London stock
City of London stock

By Ravender Sembhy, Press Association City Editor

Anglo American has revealed it pays female employees half of what it pays men in the UK, as the mining giant’s chief executive saw his pay rocket more than 65% to £6.7 million last year.

The company’s annual report shows that among its 258 UK staff, the median hourly pay gap between men and women is 49%.

Anglo put the discrepancy down to the “disproportionate number of men in the most senior management roles in the corporate head office”.

Women make up 42% of Anglo American’s UK roles, but  occupy just 14% of the highest-paid positions.

Anglo said: “We recognise that this hourly pay gap is sizeable and is higher than that of many other global companies.

“It is this imbalance between women and men at the most senior levels which is driving our gender pay gap; we are confident that our remuneration structures in themselves do not favour any one group.

“This is borne out by the fact that the proportion of women who received a bonus during 2017 was almost the same as that of men.”

It is this imbalance between women and men at the most senior levels which is driving our gender pay gap Anglo American

Anglo’s board pledged to address the imbalance by undertaking initiatives such as targeted changes to recruitment, succession planning and talent management.

Alongside the gender figures, Anglo American’s report also showed that boss Mark Cutifani took home £6.7 million in 2017, up from nearly £4 million in the year before.

It consisted of £1.28 million base salary, a £2 million cash bonus and a £2.78 million long term share award.

“The performance of the business, up to and during 2017, is reflected in the long and short-term remuneration received by the executive directors,” Sir Philip Hampton, chairman of the remuneration committee said.

Last year Anglo American moved to cap executive bonuses in an attempt to stamp out a shareholder rebellion at its annual general meeting.

Following the changes, Mr Cutifani’s maximum annual bonuses will be cut to 300% from 350% of his basic salary to bring it “into line with other executive directors”.

The mining giant also introduced a cap on executive awards through long-term incentive plans (LTIP), with Mr Cutifani’s being limited at £13.1 million.

Press Association

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