Last checked at 10 Dec 2014 07:00
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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."
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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
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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.
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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)