Hochschild Mining PLC Directorate Changes (4734J)
July 17 2013 - 2:00AM
UK Regulatory
TIDMHOC
RNS Number : 4734J
Hochschild Mining PLC
17 July 2013
17 July 2013
Changes in Board Composition & Remuneration
Hochschild Mining plc ("the Company") announces reductions in
the size of the Board and Directors' remuneration as part of its
cashflow optimisation programme (further details of which are being
announced separately today).
Fred Vinton and Rupert Pennant-Rea will be standing down as
Non-Executive Directors at the end of the month and in addition,
with effect from 1 August 2013, the Chairman's salary and the fees
of all Non-Executive Directors will be reduced by 30% and the CEO's
salary by 10%.
Eduardo Hochschild, Chairman of Hochschild Mining plc
commented:
"The recent volatility in precious metals prices prompted a
comprehensive review across the Group to identify cost saving
measures. This incorporated a review of the structure and
remuneration of our Board resulting in the changes being announced
today. I would like to express my gratitude to Fred and Rupert for
their support."
____________________________________________________________________________
Enquiries:
Hochschild Mining plc
Charles Gordon +44 (0)20 7907 2934
Head of Investor Relations
RLM Finsbury
Charles Chichester +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 almost fifty years' experience in
the mining of precious metal epithermal vein deposits and currently
operates four underground epithermal vein mines, three located in
southern Peru and one in southern Argentina. Hochschild also has
numerous long-term projects throughout the Americas.
_________
Notes
1. The reduction in the Chairman's salary will also apply to the
level of cash supplement paid in lieu of pension contribution.
Accordingly, the aggregate amount of salary and cash supplement
payable to Eduardo Hochschild from 1 August 2013 will be reduced
from US$1.3m to US$910,000 per year.
2. Following the directorate changes announced today and Sir
Malcolm Field's planned retirement later in the year, the Company
will continue to comply with the recommendation of the UK Corporate
Governance Code that a majority of the Board should comprise of
independent Non-Executive Directors.
- ends -
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