2015 was a tough year to be at the helm of Glencore — but at least the CEO was well paid for his troubles.
Ivan Glasenberg took home a total of $1.51 million (£1.06 million) last year in pay and pension contributions, according to the commodities giant’s annual report out on Tuesday. That’s despite a hellish year for the company that saw its share price collapse 69% and profits do the same.
Here’s how Glasenberg’s remuneration broke down:
The total take home is slightly below 2014’s figure, which means you might expect 2015 to have been a steady year. It was anything but.
The commodities giant — which both owns mines and makes money trading raw materials — suffered from the global rout in metal and resources prices last year, with profits collapsing by 69%.
As if that wasn’t enough, shares cratered 29% in a single day after Investec argued that the entire business could be obliterated by its huge debt pile. That became a protracted fall and Glencore had to fight hard to convince investors it was on sure footing and take evasive action to reduce its estimated $100 billion debt mountain.
This elicited some controversy with the CEO of South Africa’s main power supplier, Eskom, claiming that Glencore threatened to cripple the country’s power supply over the summer, unless it renegotiated its coal contracts to pay a higher price.
Since 2011 Glasenberg has waived any right to salary increase or bonuses and the remuneration report says it expects no change in his take home in 2016.
While his take home was broadly flat in 2015, Glasenberg did take a hit on his personal wealth. The CEO owns around 8.4% of the company and the September share price collapse knocked an estimated $500 million (£351 million) off his paper wealth.
Glencore shares are down over 4% on Tuesday morning.
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