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Miningmx reports that revered mining executive Brian Gilbertson has been ousted from the board and chairmanship of Jupiter Mines following a shareholder revolt over executive pay.
At a general meeting on Wednesday, approximately 78% of shareholders voted against Gilbertson’s re-election to the board. They also voted in favour of a resolution to remove Jupiter Mines CEO Priyank Thapliyal. An interim CEO will now be appointed in an effort to take the company forward amid a massive share price underperformance. Jupiter Mines owns 49% of Tshipi Borwa, a manganese and iron ore mine located in the Northern Cape. “The CEO has not taken proactive steps to address the diminishing value of the company or the underperforming share price, and has failed to pursue and successfully complete any material shareholder value creating opportunities since IPO,” said shareholder AMCI’s Hans-Jürgen Mende. Mende, who was reappointed to the Jupiter Mines board, added: “This may be due in part to the CEO’s current remuneration structure which incentivises him (Gilbertson) to pay dividends rather than pursue long term value enhancing growth opportunities”. In response to questions posed by shareholders at the general meeting, Gilbertson indicated that the issue of executive pay had “cropped up time to time in discussions with shareholders. Those [remuneration] arrangements were set out and entrenched from the outset. I really have not felt that they needed to be changed”.
- Read the full original of the report in the above regard by David McKay at Miningmx
- Read too, Chairman and CEO of Jupiter Mines, Brian Gilbertson, voted off board, at Mining Weekly
Get other news reports at the SA Labour News home page