GLENCORE chairman, Anthony Hayward, will step down before next year’s annual general meeting, he said in the group’s annual report published on Thursday.
Hayward, 63, said the board had recommended to shareholders that he remain in the role while the senior management succession is concluded.
He was appointed as chairman in 2013 and the UK corporate governance code limits his tenure to nine years, said Reuters.
In December, Glencore said its boss Ivan Glasenberg would step down this year and Gary Nagle, head of coal assets at the mining and trading group, would take up the role.
The recent management reshuffle at Glencore will also mark a shift to new, younger leadership for the company, which, along with other mining companies, has faced increasing pressure from investors to cut carbon emissions, the newswire said.
Hayward, the former chief executive of BP, joined Glencore’s board in 2011. In 2020, there were calls for his removal by shareholder advisory, Pirc.
Pirc reportedly asked Glencore’s shareholders to consider Hayward’s track-record in implementing environmental protection standards – a reference to the Deepwater Horizon accident in 2010 in which a fire and oil leak at BP’s Gulf of Mexico installation resulted in the death of 11 employees and significant environmental damage.
However, just less than 4% of shareholders voting at the Swiss-headquartered group’s annual general meeting last year felt the former head of BP ought to be removed.
