Business
General Meeting - Withdrawal of Resolution 2 Rem
Anglo American plc has withdrawn Resolution 2, concerning amendments to Long-Term Incentive Plan Awards for Executive Directors, from its General Meeting agenda due to shareholder concerns regarding general remuneration principles, despite strong support for the merger's objectives. The merger with Teck Resources Limited remains conditional on the approval of Resolution 1, relating to the allotment of new shares, and is not dependent on Resolution 2. The company will continue to engage with shareholders on remuneration policies for the 2026 Annual General Meeting. Disclaimer*
About this update from Anglo American Plc
[{"type":"text","content":"\n\nAnglo American plc\nRegistered office: 17 Charterhouse Street, London EC1N 6RA\nRegistered number: 3564138 (incorporated in England and Wales)\nLegal Entity Identifier: 549300S9XF92D1X8ME43\nGeneral Meeting - Withdrawal of Resolution 2: Amendment to the Anglo American Long-Term Incentive Plan Awards\nThe Board of Anglo American plc (\"Anglo American\") has decided to withdraw Resolution 2 from the agenda of the General Meeting of Shareholders to be held at 17:30 (UK time) on Tuesday, 9 December 2025 (the \"General Meeting\").\nOn 10 November 2025, Anglo American published a Notice of General Meeting and Circular to Shareholders (the \"Circular\") seeking the approval by Shareholders of recommended proposals in connection with the implementation of the merger of equals of Anglo American and Teck Resources Limited (\"Teck\") to form the Anglo Teck group (the \"Merger\").\nIn the Circular, Resolution 2 proposed an amendment to the terms of the 2024 and 2025 Anglo American Long-Term Incentive Plan Awards granted to the Executive Directors.\nThe Board's Remuneration Committee proposed the amendment after careful consideration and having regard to the principles and objectives set out in Part II (Letter from the Chair of the Remuneration Committee) in the Circular.\nAnglo American has engaged extensively with Shareholders in relation to Resolution 2. Whilst Shareholders with whom we consulted strongly supported the objectives of Resolution 2 and appreciated the very specific context for the Proposals, they nonetheless raised a number of concerns when considering more general remuneration principles. Anglo American strongly believes that the proposed amendment represents the most practical way to support the Merger process and the principles and objectives set out in the Circular but, having reflected carefully on Shareholders' concerns, has therefore decided to withdraw Resolution 2 from the agenda of the General Meeting. The Remuneration Committee will continue to ensure that the Company's remuneration mechanisms support effective incentivisation of Anglo American's executive leadership and intends to engage further with Shareholders as part of the development of the updated Directors' remuneration policy that will be submitted to Shareholders at Anglo American's 2026 Annual General Meeting.\nThe Merger is conditional on the appr...