【Ferro-alloys.com】Diversified mining company Anglo American on Wednesday announced the appointment of Duncan Wanblad as chief executive with effect from the company’s annual general meeting (AGM) on April 19 next year – and has also spelt out details of Wanblad’s upcoming remuneration package in considerable detail.

Mark Cutifani, who will retire as CE and step down from the board at the AGM after nine years in the role, said he could think of no better leader than Wanblad to “pick up the baton and pursue the many opportunities that lie ahead of our business”.

Wanblad, a South African described as the standout candidate by Anglo chairperson Stuart Chambers, will also join the board as an executive director. He brings 30 years of international mining experience and deep understanding of Anglo’s culture and its context, it was outlined at a media conference covered by Mining Weekly.

In both executive and non-executive roles spanning most of Anglo’s business, Chambers noted that Wanblad had been integral to shaping the strong competitive position of the company. He is seen as being uniquely qualified to take Anglo to its next phase of improvement.

A superbly performing Cutifani, who managed to hoist Anglo above all its peers in less than a decade, said that in retirement he wanted to do things in technology, sustainability, social and energy transitions, as well as “sort out a few things” for family members.

The last time Anglo had a South African in charge was during the tenure of Tony Trahar, who served from 2000 to 2007.

Australian Cutifani was credited by Chambers with being so distinctly in tune with South Africa that he recently drew highly favourable comment from South African President Cyril Ramaphosa.

On what legacy he would like to leave, Cutifani told journalists that first on his list would be the work done in defining what Anglo was all about and thereafter, more importantly, what every individual could rely on the company to do to make an important difference in this world. “It touches safety, it touches environment, it touches communities, it touches our role in society, and it brings a lot together to deliver returns to shareholders that truly are sustainable,” said Cutifani.

Minerals Council South Africa warmly welcomed Wanblad’s appointment while simultaneously hailing Cutifani’s contribution to South Africa as being “wonderful, marked and profound”. Cutifani’s guidance, words of wisdom in difficult times, patience, strategic thinking and measured approach to problems had proved an inspiration.

Anglo’s commitment to improving the lives of people living in near-mine communities, adherence to global best operational practice and environmental credibility under Cutifani could not have come at a better time to lead by example, Minerals Council South Africa stated, while adding that it looked forward to a strong relationship with Wanblad and pledged to give him whatever support it could in his new role.

Minerals Council South Africa CEO Roger Baxter described as vast Wanblad’s knowledge of multiple commodities and mining jurisdictions, especially South Africa, which would stand him in good stead to lead Anglo into a new era.

Wanblad’s remuneration package, Anglo stated, would comprise a basic salary and variable incentive arrangements that were fully in line with Anglo’s current remuneration policy.

The key elements of his package, it said in a media release, would include a basic salary of £1 250 000 a year, an annual contribution of 15% of basic salary to pension – in line with the typical contribution rate for the UK workforce from 2023 – and a maximum annual bonus of 210% of basic salary for 2022, pro-rated from the start date.

Half of any bonus earned would be deferred into shares, with one-third vesting after two years and two-thirds vesting after three years.

Under the long-term incentive plan, an annual award of up to 300% of basic salary would be made, which would vest after three years, to the extent that performance conditions had been satisfied. This would be released after a further two-year holding period, starting from 2022. Malus and clawback provisions would apply to both the annual bonus and long-term incentive plan.

Shareholding guidelines provided pointed to the accumulation of a shareholding in Anglo to the value of four times’ basic salary within five years of being appointed, and then to the retention of a holding of Anglo shares for a period of two years after employment ceased. The number of shares would be the lower of the in-post requirement at the time of cessation, or the actual shareholding at cessation.

Cutifani will remain employed by Anglo for a month after retirement, until June 30, to continue to support the transition and will also be expected to maintain a holding of Anglo shares of four times his salary on cessation, for a period of two years. 

• [Editor:zhaozihao]