Today's Labour News

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earningsMiningmx reports that executive pay was a controversial issue at the AGM of Pallinghurst Resources, with 29.64% of shareholders voting against the adoption of the proposed remuneration policy.  

Dissenting shareholders did not want to support bonus payments for board members until the firm adopted additional performance criteria.  Last year, about 22% of shareholders were opposed to the remuneration policy which proposed doubling board fees.  With even more votes against the 2018 pay proposals, Pallinghurst announced that:  “As more than 25% of shareholders have voted against the endorsement of the company’s remuneration policy the company will follow up and engage with those shareholders in due course”.  In essence, the matter relates to whether directors ought to receive bonuses on share price performance alone.  Some shareholders wanted Pallinghurst Resources – now officially known as the Gemfields Group following an exceptional general meeting – to adopt broader performance criteria.  Gemfields will be listed in London and will focus entirely on luxury goods.  It intends to divest from its platinum investment – Sedibelo Platinum Mines – as well as from the steel feed company Jupiter Mines which operates the Tshipi manganese mine in the Northern Cape.

  • Read this report by David McKay in full at Miningmx

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