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ISS opposes Petropavlovsk shareholder bid to overhaul board
June 12, 2017 / 11:13 AM / 6 months ago

ISS opposes Petropavlovsk shareholder bid to overhaul board

LONDON, June 12 (Reuters) - Leading shareholder proxy voting advisor ISS said investors should reject a plan to overhaul the board of London-listed gold miner Petropavlovsk at the company’s annual general meeting on June 22.

Three top shareholders have put forward resolutions aimed at replacing Petropavlovsk Chairman Peter Hambro and three non-executive directors with their nominees, citing corporate governance failures.

ISS, which advises investors on which way to vote at AGMs, said “in the absence of detail that would lend weight to the requisitionists’ claim of inadequate corporate governance controls, support for the shareholder nominees is not warranted at this time”, in a report seen by Reuters. (Reporting by Barbara Lewis; editing by Simon Jessop)

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