5th Dec 2019 14:42
(Alliance News) - Petropavlovsk PLC on Thursday said it has met with shareholders and found out the reasons for over 20% opposition of some resolutions at its last annual general meeting.
Back in mid-June, a vast minority of Petropavlovsk shareholders voted against the resolutions to reappoint Roderic Lyne and Robert Jenkins as chair and independent non-executive director, respectively, and to appoint Bektas Mukazhanov as non-executive director.
The London-based gold mining company said chair personally wrote to shareholders who voted against the above resolutions to understand their thoughts.
The findings show that some shareholders were concerned about the diversity of the board, but Petropavlovsk said its aim was to identify and recruit both female and younger directors with relevant qualifications.
Following an extensive search the company therefore announced the appointment of Charlotte Philipps and Katia Ray as independent directors with effect from November 8.
In addition certain shareholders also raised concerns regarding the level of disclosure of bonus targets in the directors' remuneration report, Petropavlovks noted.
Thus, the company said the Remuneration Committee will ensure that these comments are fully considered during the preparation of the 2019 Remuneration Report.
Petropavlovsk shares were trading marginally lower in London on Thursday at 11.56 pence each.
By Evelina Grecenko; [email protected]
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