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Fixing Glencore’s broken chair

John Bond has done the right thing in stepping down from the board of Xstrata ahead of the miner’s takeover by Glencore. Shareholders blew a raspberry at him and his board when they voted down a generous bonus scheme for Xstrata managers, in spite of giving approval for the deal itself. Mr. Bond’s successor may or may not chair the combined group. Either way, the new chairman will have a delicate repair job fixing relations with shareholders.