Xstrata's merger with Glencore claims chair Sir John Bond's scalp His resignation came after the deal scraped past Xstrata's investors, voting at a meeting in Switzerland. The first proposal, to proceed with the merger and the pay plans, failed to reach the 75pc threshold. A second proposal, to proceed without the bonuses, passed with just 77.88pc of the vote, against the same threshold. Nonetheless, there were sighs of relief from the ranks of Xstrata's advisers watching the proceedings via videolink in London, with several taking photos of the poll result on the screen. The pay plan itself was then resoundingly voted down, as expected. Xstrata's chief executive Mick Davis expressed "regret," arguing the lack of staff pay-outs "introduces unnecessary risks to the merged company's future value proposition." Earlier, activist investor Knight Vinke had criticised the board's "independence and robustness," warning it would oppose the deal. Sir John said in the board's defence that it had exercised "good stewardship," adding that there had been past discussions with third-party suitors which went nowhere because of Glencore's unwillingness to give up its 34pc stake in Xstrata. He will now begin the search for his replacement. Separately, Brussels competition regulators on Thursday give their verdict on whether the deal needs further scrutiny.