Dissatisfied shareholders with more than half of diversified miner Pallinghurst Resources’ shares were likely to vote against the re-election of nonexecutive directors at next week’s annual general meeting (AGM) as part of a wider protest against management, sources said on Wednesday. Pallinghurst is chaired by Brian Gilbertson, a prominent mining deal maker. Apart from the re-elections, shareholders may also vote against the remuneration policy, although that will not be binding on Pallinghurst. Some of the dissatisfied shareholders supported Pallinghurst’s proposals at the special meeting to buy out Gemfields shares, but are said to be unhappy with other proposals presented at the same time, such as raising nonexecutives’ remuneration, changing the management structure and extending the life of the management structure by 50 years. One shareholder said while Pallinghurst’s top executives had earned generous fees in the past nine years, shareholders had earned nothing and nonexecut...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.