Glencore slips but boss Steven Kalmin prospers

Glencore finance chief Steven Kalmin saw his total pay package jump by nearly half to £2.13 million in 2012, a year in which the commodities trading giant’s profits tumbled by three quarters.

Kalmin, who will take the top finance job following Glencore’s pending merger with Xstrata next month, received a £700,000 salary, a £1.4 million bonus and £30,000 worth of pension and other benefits last year. Glencore reported a $1 billion (£660 million) profit for 2012, down from $4 billion the year before.

Kalmin, whose 70 million shares in Glencore gave him an additional $11 million of income in the form of dividends in 2012, waived half of his bonus in 2011. The company declined to comment on the reason for that waiver.

Meanwhile, chief executive Ivan Glasenberg saw his package remain flat at £964,000, as he waived a bonus for the year in the light of his substantial shareholding in the company. This yielded him $172 million of dividend income.

Chairman Simon Murray didn’t take a bonus either. His salary jumped by 48% to £675,000 last year, although the increase can be explained by the fact he only took up his position in May 2011.

Ignoring one-off items, Glencore’s profits fell by 25% to $3.1 billion in 2012.