6th Dec 2019 14:20
(Alliance News) - Hochschild Mining PLC on Friday reiterated its support for Non-Executive Director Dionisio Paoletti, following shareholder dissent.
In June, 24% of voting shareholders rejected Paoletti's re-election. He is the nominated board member for a major shareholder, Pelham Investment Corp, which is controlled by Chair Eduardo Hochschild, who is the great-nephew of the founder of the company.
Hochschild said shareholders were concerned over his availability and time commitments, given some of his other board appointments.
He has reassured Hochschild he has the time, the company said, and Hochschild added: "The directors are unanimous in their conclusion the company benefits greatly from Romero's extensive experience and knowledge, not only of doing business in Peru and within the wider region, but also of financial markets and corporate finance."
Paoletti joined the Hochschild board at the start of 2018. He is the chair & chief executive of Peruvian financial services firm Credicorp Ltd, which owns Peru's largest bank. He also has a number of other directorships, Hochschild added.
Shares in the company, which operates gold mines in Peru and Argentina, were 0.8% lower on Friday afternoon in London at a price of 159.80 pence each.
By George Collard; [email protected]
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