June 13, 2017 / 11:20 AM / 5 months ago

Advisor PIRC opposes shareholder plan to overhaul Petropavlovsk board

LONDON, June 13 (Reuters) - Advisor PIRC has recommended investors oppose a plan to overhaul the board at London-listed miner Petropavlovsk’s June 22 annual general meeting.

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.

PIRC, in a report seen by Reuters on Tuesday, opposed the election of the new directors, citing concerns around their independence.

Two other leading shareholder voting advisors, Glass Lewis and ISS, have also said they oppose the planned changes. (Reporting by Simon Jessop; editing by Carolyn Cohn)

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