Chairman and co-founder Peter Hambro has warned that a shake-up demanded by Russian group Renova and institutional investors M&G and Sothic is not in the best interests of ordinary shareholders.
Renova, the industrial conglomerate led by billionaire Viktor Vekselberg, which has gold mining assets in the same eastern Russian region as Petropavlovsk, says the current board ‘does not endorse principles of good corporate governance’.
It is pushing for the removal of two-thirds of the board at the company’s annual general meeting on June 22.
Renova, M&G and Sophic hold around 30pc of the company’s shares.
Mr Hambro is stepping down as chairman after more than 20 years to be succeeded by non-independent director Andrew Vickerman, but intends to stay on the board. Renova, M&G and Sothic have opposed the re-election of both.
This post was published at The Telegraph
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