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AngloGold Ashanti Increased CEO Cutifani’s Remuneration by 24%

April 4 (Bloomberg) -- AngloGold Ashanti Ltd., the third-largest producer of the metal, increased Chief Executive Officer Mark Cutifani’s compensation by 24 percent last year as profit rose to a record.

Cutifani got 27.8 million rand ($3.6 million), including a 12.6 million rand salary and bonus of 8.3 million rand, said Johannesburg-based AngloGold in the company’s annual report published on its website today. He got 4.6 million rand for “other benefits and encashed leave,” up from 345,000 rand a year earlier, the company said, adding the category includes health care, retention payments and personal travel.

AngloGold’s net income rose 20-fold to $1.55 billion last year as Cutifani scrapped long-term delivery contracts to gain from record gold prices. It produced 4.33 million ounces, below a target of 4.69 million ounces. Fifteen workers died at the company’s mines in 2011, unchanged from the previous two years.

Cutifani was last year granted 86,789 share options and awards, valued at 29 million rand, bringing the total to 258,210 by Dec. 31. AngloGold raised long-term incentive pay Cutifani may get to 160 percent of his basic salary from 120 percent.

AngloGold more than doubled fees paid to Chairman Tito Mboweni, South Africa’s former central bank governor, to 2.1 million rand from 991,000 rand a year earlier.

It gained 5.1 percent to 343.40 rand in Johannesburg last year as the FTSE/JSE Africa Gold Mining Index rose 5.8 percent.

To contact the reporter on this story: Carli Cooke in Johannesburg at

To contact the editor responsible for this story: John Viljoen at

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