Glencore’s 2024 AGM: Shareholders Overwhelmingly Approve Strategic Resolutions

On 29 May 2024, Glencore plc held its Annual General Meeting (AGM), presenting crucial resolutions for shareholder approval. Headquartered in Baar, Switzerland, Glencore is one of the largest global diversified natural resource companies. The resolutions, including both ordinary and special ones, were all approved by substantial margins. This article delves into the specifics of these resolutions, the voting outcomes, and the implications for Glencore’s future operations.

Resolution Highlights

Approval of Financial Statements

The first resolution involved the approval of Glencore’s accounts and directors’ and auditors’ reports for the year ending 31 December 2023. The resolution received overwhelming support, with 99.22% voting in favor. The acceptance of these financial statements is a testament to Glencore’s robust financial management and transparency in reporting.

Capital Contribution Reserves Reduction

Resolution 2 proposed a significant reduction in the company’s capital contribution reserves by US$1.6 billion, which would be repaid to shareholders. This special resolution passed with 99.98% approval, indicating strong shareholder support for this financial maneuver aimed at enhancing shareholder value.

Director Re-elections

The AGM also included the re-election of several directors, each receiving strong support. Notably:

  • Kalidas Madhavpeddi was re-elected with 94.07% approval.
  • Gary Nagle, the company’s CEO, saw a remarkable 99.58% support.
  • Martin Gilbert received 97.05% of the votes.
  • Gill Marcus, Cynthia Carroll, and David Wormsley were re-elected with votes exceeding 97%.
  • Liz Hewitt garnered 98.91% approval.

These re-elections underscore the shareholders’ confidence in the current leadership team’s direction and strategy.

Auditors Reappointment and Remuneration

Deloitte LLP was reappointed as Glencore’s auditors, with 96.62% of votes in favor. Additionally, the audit committee was authorized to fix their remuneration, a resolution that passed with 99.38% approval. These decisions ensure continuity and stability in Glencore’s auditing processes.

Climate Action Transition Plan

A significant resolution was the approval of Glencore’s 2024-2026 Climate Action Transition Plan, dated 20 March 2024. This plan aims to address climate change impacts and guide the company’s efforts toward sustainability. Despite receiving substantial support (90.07%), it had the highest dissent among the resolutions, reflecting the complex nature of climate strategies and their implications.

Directors’ Remuneration

Two resolutions addressed directors’ remuneration. The remuneration policy and the remuneration report (excluding the policy) were approved with 97.60% and 96.36% votes in favor, respectively. These approvals align with Glencore’s commitment to transparent and fair compensation practices.

Authority to Allot Equity Securities

Special resolutions 16 and 17 dealt with the directors’ authority to allot equity securities. Both were approved with over 81% of votes, granting the board flexibility in financial and operational strategies.

Market Purchases of Ordinary Shares

The final special resolution empowered the directors to make market purchases of ordinary shares. This resolution was passed with 97.17% approval, highlighting a strategic approach to managing share capital and enhancing shareholder value.

Voting Outcomes Summary

ResolutionVotes For%Votes Against%Total Votes% of ISC VotedVotes Withheld


The 2024 AGM results reflect strong shareholder confidence in Glencore’s strategic direction. The approval of all resolutions, especially those addressing financial management and sustainability, indicates a positive outlook for the company. Glencore’s commitment to robust governance, transparency, and sustainable practices is evident in these decisions. As Glencore continues to navigate the complexities of the global commodities market, these AGM outcomes provide a solid foundation for future growth and value creation.