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LONDON, April 14 (Reuters) - Investor interest groupShareSoc says Anglo American's proposed remuneration forCEO Mark Cutifani is too high and urged shareholders to rejectit at next week's annual general meeting.
The mining giant, which posted steep losses last year due tothe slump in commodity prices, has sought to offset poor tradingconditions with a restructuring plan that led to a 50 percentreduction in head office costs and the closure of 20 mines since2013, ShareSoc said.
However, CEO remuneration has not been reduced to reflectthe smaller, simpler company that Anglo now is, the group added.
ShareSoc said Cutifani was still set to receive 6.3 millionpounds ($8.9 mln) for target performance and 8.8 million poundsfor "above" target performance.
"We consider the pay of the CEO to be too high, andparticularly so in a year when the company suffered a loss of$5.6 billion in 2015 and dividends were suspended," the groupsaid in a statement on Thursday.
ShareSoc represents individual investors who invest in theUK stock markets.
News of its opposition to Anglo American's pay proposalscame as 59.1 percent of investors in BP voted down theoil company's plan to pay its CEO Bob Dudley a $19.6 millionremuneration package.
Shares in Anglo have fallen 34 percent in the past 12months, shrinking its market capitalisation to 10 billion poundsfrom around 50 billion pounds in 2008.
"We believe we have a remuneration policy that was approvedat the 2014 AGM that strikes the right balance between stretchand achievability, designed to support the company's strategicobjectives and aligned with shareholders' interests," aspokesman for Anglo said in an emailed statement.
"As an illustration, our chief executive's totalremuneration decreased by 17 percent in 2015, his salary hasbeen frozen and his bonus decreased by around 40 percent," thespokesman added.
The investor meeting is due to be held on April 21. ($1 = 0.7075 pounds) (Reporting By Sinead Cruise; Editing by Simon Jessop and SusanFenton)
