Methanol tolerant catalyst material and method of its preparation are provided. These novel catalyst materials are based on organometallic clusters containing (i) a carbonyl group or a cyclic unsaturated hydrocarbon ligand group, and (ii) a chalcogen containing group selected from MnFepXm, MnXm, MnClpXm, or mixtures thereof wherein M=Pt, Ru or Re, X=S, Se or Te, and m, n and p=1 or 2. The catalyst materials are obtained by mixing together organometallic clusters of definite composition with an electrically conductive component in an organic solvent, subsequent removing of the solvent, and in a non-oxidizing environment, heat-treating the clusters adsorbed on the electrically conductive component at the temperature of at least 175° C.