Sky News understands that a small number of institutional investors have voted against Anglo American’s remuneration report after Mark Cutifani, who has run the company since 2013, earned nearly £15m last year.
The size of his total package is likely to have placed Mr Cutifani among the best-paid FTSE-100 bosses last year.
Many investors, however, are comfortable with the Anglo American chief’s pay deal?, partly because the company has staged a marked recovery, with its shares up 20% over the last 12 months.
Institutions are also said to be supportive of the board because Mr Cutifani sacrificed £6.4m in share awards following the introduction of a cap on long-term incentive payouts introduced by the company two years ago.
A source close to Anglo said its two largest shareholders – South Africa’s Public Investment Corporation and the resources tycoon Anil Agarwal – had voted in support of the remuneration report.
Anglo American has been particularly sensitive to ?shareholder opposition on pay since 2016, when it saw a protest vote exceeding 40%.
In a statement, a spokesman said Anglo American’s total shareholder return had outperformed the Euromoney Global Mining Index by nearly three-to-one during the 2016-18 period.
“We are confident that our policy ensures that remuneration is proportionate to the levels of performance achieved and the returns received by our shareholders, who voted 92.9% in favour of the policy.
“We took the additional step of introducing a cap on the 2016 LTIP awards to mitigate the potential gains brought about by the subsequent share price increase, resulting in the chief executive’s award being reduced by more than £6m.”
Leading proxy advisers have recommended voting in favour of Anglo American’s remuneration report.