ISS to advise investors on Xstrata Institutional Shareholder Services (ISS) is expected this week to notify investors whether they should approve a £173m retention pay package to Xstrata bosses, including a £29m three-year deal for chief executive Mick Davis to stay on as head of the combined group. ISS urged shareholders to vote against Xstrata's remuneration report at last month's annual general meeting. The pay plans must be approved by shareholders on July 12 for the deal with Glencore to proceed, as the vote on the merger deal is conditional on the pay plans also going ahead. The pay packages are deemed to be controversial by shareholders because they have no performance conditions attached to them. This has led to accusations that Sir John Bond, chairman of Xstrata, is not "listening" to his company's own shareholders. Richard Buxton of Shroders, whose firm is a top 15 investor in Xstrata, said the situation was extraordinary. "Sir John has been doing the rounds," said Mr Buxton. But there didn't seem to be any give at the time [of our meeting]. But he didn't say 'Ok, we'll think about it'.