Glencore Chairman Anthony Hayward will step down before next year's annual general meeting, he said in the company's annual report published on Thursday.

Hayward, 63, said the board had recommended to shareholders that he remain in the role while the senior management succession is concluded.

He was appointed as chairman in 2013 and the UK corporate governance code limits his tenure to nine years.

In December, Glencore said its boss Ivan Glasenberg would step down this year and Gary Nagle, head of coal assets at the mining and trading group, would take up the role.

The recent management reshuffle at Glencore will also mark a shift to a new, younger leadership for the company, which, along with other mining companies, has faced increasing pressure from investors to cut carbon emissions.