1st May 2019 07:58
LONDON (Alliance News) - Nearly a quarter of voting shareholders rejected Anglo American PLC's appointment of Marcelo Bastos as a non-executive director, the miner reported Wednesday.
At Anglo American's annual general meeting, held Tuesday, 26% of voting shareholders rejected Bastos' appointment. Turnout was just shy of 75%.
Anglo American said it will be talking with shareholders to understand why they voted against the resolution.
Bastos only joined the board at the start of April, and in his AGM statement Chair Stuart Chambers said: "Marcelo is Brazilian and brings to Anglo American more than 30 years of operational and project experience in the mining industry across numerous commodities and geographies, particularly throughout South America.
"Given South America currently represents roughly one third of our business, and that is before the addition of our major new copper project at Quellaveco in Peru, the nomination committee's first priority was to identify someone of Marcelo's calibre and expertise, particularly following the retirement of Jack Thompson, who had a significant technical mining background."
"I am delighted that Marcelo has agreed to join us," he concluded.
Other dissent included 22% of voters voting against a resolution to disapply pre-emption rights, and Anglo American said it is mindful of the concerns of some South African shareholders.
Lastly, 20% of shareholders voted against the re-appointment of Deloitte LLP as auditor. In 2018, 62% of shareholders supported Deloitte.
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