23 May 2018 15:43

Nordgold reducing size of board, independent director due to depart

MOSCOW. May 23 (Interfax) - Gold miner Nordgold is reducing the size of its board of directors from eight to seven people, according to materials from the company's annual general meeting (AGM).

Independent director Peter Lester has not been nominated for reelection to the board. He joined the company in October 2010 as an independent non-executive director and chairman of the Safety and Sustainable Development Committee.

Apart from this, the board will retain its current composition: principal shareholder Alexei Mordashov, Roman Vasilkov, a manager at Mordashov's Severgroup, Nordgold CEO Nikolai Zelensky, chief legal officer, corporate and regulatory affairs Yevgeny Tulubensky, as well as independent directors David Morgan, John Munro and Gregor Mowat .

Nordgold will conduct its AGM on June 25, with June 23 the record date for shareholders attending the meeting.

There are no provisions for additional or final dividends for 2017, with this question not included on the AGM agenda. Instead, interim dividends were allocated to shareholders every quarter, with the overall volume of payments totaling 15.72 cents per share, 13% less than last year's total dividends of 18.07 cents/share. Furthermore, the Nordgold board has already approved payment of dividends for Q1 2018 totaling 3.31 cents/share.

Nordgold is the former gold mining unit of the resource division of Russian steelmaker Severstal . It was spun off into a separate company in January 2012. Severstal principal owner Alexei Mordashov owns 99.03% of Nordgold, which has nine active operations in four countries - Russia, Kazakhstan, Guinea and Burkina Faso - as well as a number of projects at the development and exploration stage.