Mining chief doubles his pay to £14.7m

ANGLO American’s chief executive more than doubled his pay in 2018 – taking home a whopping £14.7m.

Mark Cutifani’s earnings at the FTSE 100 miner were inflated by a £10.9m long-term share award.

He has raked in around £38m since he took over from Cynthia Carroll in 2013 to lead the world’s biggest platinum producer.

In 2017 he took home £7m. His base salary in 2018 was £1.3m, 2pc up from the year before.

Anglo will be hoping to avoid a shareholder rebellion over the payout at its AGM next month.

The share award was set up in 2016, giving Australian father- ofseven Cutifani almost 1m shares at a time when Anglo American’s stock had plummeted on the back of a slump in commodity prices.

But its share price has since recovered, with its stock rising some 285pc.

Last month, the miner said its revenue rose 5.3pc to £21bn and profit rose 4pc to £7bn in 2018 during a bumper year for the group.

In 2017, investors were outraged at the number of shares that were granted to Cutifani, 60, and other executives. Anglo imposed a 40pc cap on the share award. If the cap hadn’t been in place Cutifani would have got a one- off payment of £16.6m, pushing his total earnings to more than £21m last year.

Cliff Weight, a director at investors’ organisation Sharesoc, said: ‘Anglo’s failed remuneration policy has meant chief executive pay is too high this year.’