Glencore International Plc Chief Executive Officer Ivan Glasenberg criticized his recently departed mining CEO peers for swamping the industry with new mines that led to a surplus in metals and trimmed profits.
“The big guys really screwed up,” Glasenberg, 56, told investors Monday in a presentation. “We’ve always been wanting to keep building and keep putting the cash which we generate into new assets. That’s what we’ve got to stop doing as a mining industry. We’ve got to learn about demand and supply.”
Seven of the country’s 30 largest corporations doled out more to their chief executives last year than to Uncle Sam.
These seven firms reported more than $74 billion in profits last year and received a combined total of $1.9 billion in refunds from the Internal Revenue Service, according to a study, giving them an effective tax rate of negative 2.5%.
NEW YORK — Profits at big U.S. companies broke records last year, and so did pay for CEOs. The head of a typical public company made $9.6 million in 2011, according to an analysis by The Associated Press using data from Equilar, an executive pay research firm.