Anglo American PLC NGLOY is scrapping a controversial bonus plan tied to its proposed acquisition of Teck Resources Ltd. TECK-B-T after the multimillion-pound payouts raised the ire of shareholders.

The British mining company is changing course on the eve of shareholder votes at both Anglo and Teck that will decide whether the deal will go ahead.

London-based Anglo in September announced plans to buy Vancouver-based Teck for roughly US$20-billion.

When Anglo unveiled the transaction, it proposed amending the performance criteria for bonuses to be paid to CEO Duncan Wanblad and other executive directors.

Under the revised plan, at least 62.5 per cent of bonuses for 2024 and 2025 would vest if the Teck deal succeeds, regardless of how the executives perform in other areas. Under the

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