A multinational will reduce remuneration for resources executives following workplace deaths.
Glencore recently confirmed it would slash the chief executive’s performance incentives because four employees died during 2022.
“Reflecting on Glencore’s safety commitment and accountability … the committee applied discretion to reduce the formulaic bonus outcome by 5 per cent, resulting in a final bonus outcome of 93.6 per cent of maximum,” the proponent said in its 2022 annual report.
After deducting the amount Gary Nagle’s annual earnings were US$4.2 million (A$6.4M). Nagle accepted the pay cut and promised to minimise mine site fatalities.
“I am saddened to report that we recorded the loss of one life at Glencore’s managed operations over the year to date,” he said in the 2023 half-year update.
“We believe that consistent application and reinforcement of our SafeWork framework, through strong visible leadership, can drive and deliver the safety culture and operating discipline we are looking for, and get all our people home safe.”
The proponent earlier revealed since its 2011 initial public offering it still recorded the “lowest fatality rates” during 2021 and 2022.
“Safety is of paramount importance and this is reflected in Glencore’s ultimate ambition of preventing all fatalities, occupational diseases and injuries at work,” the report said.
“Any loss of life is unacceptable, and an important reminder that there is still work to do to improve Glencore’s safety across the business.”
Click here to read the latest update.
Click here to read the annual report.
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Wow, a 5% loss for four deaths…I guess that shows just how little those lives matter to the company. He is still raking it in so I don’t think he will suffer any hardships due to the negligence.