Sir John Bond, Xstrata chairman, said he would step down once a new independent chairman of the Glencore-Xstrata group was found, after the incentive package was voted down. He said: "I have said consistently that I would do what is in the best interests of the company." Xstrata chief executive Mick Davis added that he regrets the decision of shareholders not to approve the retention arrangements as it will introduce "unnecessary risks to the merged company's future value proposition".