UJIA's Mick Davis to get £29m to stay at Xstrata

By Jessica Elgot, June 1, 2012

UJIA’s chairman Mick Davis has been offered £29m, with bonuses of a further £6 million, to stay at the helm of mining company Xstrata, after the company merges.

South African-born Mr Davis, the chief executive of Xstrata and chair of the Jewish Leadership Council, is expected to remain chief executive when the company merges with commodity trader Glencore.

He has led the company for a decade, and is one of the highest paid executives on the FTSE 100, earning around £1.5m a year, with almost £2m in bonuses.

Xstrata is one of the top 20 companies on the FTSE100, with a market value of around £42 billion, employing 50,000 people. It is the world's largest producer of zinc, one of the top four producers of copper and a producer of platinum group metals.

The offer has yet to be formally approved by shareholders

Last updated: 2:41pm, June 1 2012