Petropavlovsk founder Hambro to step down to NED role
Petropavlovsk
1.20p
16:34 11/07/22
Following objections by a group of shareholders, Petropavlovsk announced that founder Peter Hambro would step down as executive chairman of the London-listed Russian gold miner.
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While Hambro will remain with the business as it looks to complete a turnaround, independent director Andrew Vickerman has been proposed as an interim non-executive chairman, assuming he is voted in at the company's annual shareholder meeting on 20 June.
After group of shareholders, led by Russian billionaire Viktor Vekselberg's Renova group, advised the company that they intend to vote against the re-election of Hambro and the three independent non-executives, the company said it was committed to appointment of Vickerman and a fourth independent non-executive director "as part of continuing work to refresh and strengthen the Board and focus on best practice governance".
But the Petropavlovsk board said it opposed the appointment of Renova's nominated directors, which are backed by fellow shareholders Sothic Capital and M&G Debt Opportunities Fund to make up a block owning a 30% stake, as it was "not in the interests of shareholders as a whole and urges shareholders to vote against their proposals at AGM".
Hambro said his stepping back and the appointment of a fourth non-executive director would provide "vital continuity and strong leadership combined with independent oversight as Petropavlovsk moves into its next phase of growth".
"We have always recognised that, in order to grow, companies must evolve and we have taken this decision in adherence to the corporate governance standards required of a modern and forward thinking company. Our immediate priority is to ensure that our recent operational and financial successes continue."
Renova's proposed appointments are Chelsea Football Club's chairman Bruce Buck, an American lawyer, and Vekselberg associate Vladislav Egorov. Sothic and M&G have proposed Ian Ashby and Garrett Soden.