LONDON, June 14 Shareholders DE Shaw, M&G and
Sothic said in a statement on Wednesday London-listed gold miner
Petropavlovsk's board needs an overhaul, but they have
no intention of taking control of the company.
Shareholders, including M&G and Sothic, have put forward
resolutions ahead of the company's annual general meeting next
week aimed at replacing Chairman Peter Hambro, who set up the
Russian-focused miner in 1994.
Three shareholder advisors - PIRC, Glass Lewis and ISS have
all said they recommend opposing the changes.
But in a statement seen by Reuters, DE Shaw, M&G and Sothic
said change was overdue.
"Petropavlovsk needs a board with strong, independent
directors who can support and constructively challenge
management on operational, financial and strategic issues in
order to return value to shareholders," it said.
The three said they had no intention of taking control of
Petropavlosk and were not acting under the influence of Russian
conglomerate Renova, which has also demanded change.
(Reporting by Carolyn Cohn and Barbara Lewis)