Hochschild Mining PLC Changes to Chairman's role & Board remuneration (2562Z)
December 10 2014 - 1:01AM
UK Regulatory
TIDMHOC
RNS Number : 2562Z
Hochschild Mining PLC
10 December 2014
_____________________________________________________________________________
10 December 2014
Changes to Chairman's role & Board remuneration
Hochschild Mining plc ("the Company") announces changes to the
Chairman's role and, as part of its on-going cost cutting
programme, further reductions in Board remuneration.
In light of the Company's continuous review of its Board
structure, Eduardo Hochschild will become Non-Executive Chairman of
the Company with effect from 1 January 2015.
With effect from that same date, the fees of Non-Executive
Directors will be further reduced by approximately 30% and, in
addition, Roberto Dañino, Deputy Chairman, has waived the fee
payable to him as Special Adviser to the Group.
Eduardo Hochschild, Chairman of Hochschild Mining plc
commented:
"Since the Company's IPO in June 2006, we have sought to
establish a board structure in keeping with those of premium listed
companies in London and my decision to assume a Non-Executive role
represents a clear and continued commitment to our ethos of strong
corporate governance.
Separately, given the current weak precious metal environment,
the Board wishes to demonstrate its support for the ongoing cost
saving measures and the collective efforts of our employees by
implementing the further reductions in Board remuneration announced
today."
____________________________________________________________________________
Enquiries:
Hochschild Mining plc
Charles Gordon / Raj Bhasin +44 (0)20 3714 9040
Head of Investor Relations / Company Secretary
Finsbury
Charles O'Brien +44 (0)20 7251 3801
Public Relations
____________________________________________________________________________
About Hochschild Mining plc
Hochschild Mining plc is a leading precious metals company
listed on the London Stock Exchange (HOCM.L / HOC LN) with a
primary focus on the exploration, mining, processing and sale of
silver and gold. Hochschild has over fifty years' experience in the
mining of precious metal epithermal vein deposits and currently
operates three underground epithermal vein mines, two located in
southern Peru and one in southern Argentina. Hochschild also has
numerous long-term projects throughout the Americas.
_________
Note
With effect from 1 January 2015, Mr Hochschild will receive an
annual fee of US$400,000 (currently US$770,000) and the provision
of existing benefits, but will no longer receive a cash supplement
in lieu of pension contributions (currently US$140,000 pa)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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