Xstrata shareholders lash out at £172m pay-package Schroders, Standard Life and Fidelity have all hit out against the miner's plans to pay a £30m 'golden handcuff" to its chief executive as well as 72 additional pay-outs to the management team. The move has opened a fresh battleground with investors that could swing the balance in its planned mega-merger with Glencore. "The pay packages are completely unacceptable and they shouldn't be allowed to get away with it," said Richard Buxton of Schroders. If people can be stirred up to vote this down it will be a triumph for the Shareholder Spring. David Cumming, head of equities at Standard Life said the proposed remuneration payments were "unacceptable and depressing." He added that it was unclear why they needed such "excessive retention payments" given they were "supposedly supportive of the deal." Shareholders complained the fact that Xstrata executives would be paid without delivering shareholders any performance. This makes supporting Glencore's already inadequate offer for Xstrata even less palatable. Consequently we still believe it should be opposed," said Mr Cummings. Most of the objections over pay were driven by the fact that executives are being paid for their existing Xstrata contracts and also for joining Glenstrata. Fidelity said the pay terms were "provocative and insensitive given the current climate," and put the "interests of management ahead of shareholders." Xstrata chairman Sir John Bond defended the deals, saying keeping management stable was "in the interests of Xstrata shareholders."