2 Oct 2017 19:06

Polyus shareholders could decide on early dismissal of board of directors

MOSCOW. Oct 2 (Interfax) - Polyus' board of directors is considering holding an extraordinary shareholders meeting on Wednesday, the company said in a statement.

The shareholders meeting could be convened for an early dismissal of the board of directors and elect a new one.

The board of directors currently includes the children of Suleyman Kerimov, Said Kerimov and Gulnara Kerimova, Member of the Nomination and & Remuneration Committee Anastasia Galochkina, Polyus CEO Pavel Grachev, Senior Vice President of Operations Vladimir Polin, Senior Vice President for Finance and Strategy Mikhail Stiskin, as well as independent directors Edward Dowling, Kent Potter and William Champion.

The board of directors was elected in its current form in June. Shareholders that had a right to take part in the annual meeting were determined on June 6. At the time, Polyus' beneficiary was Said Kerimov who held a 91.73% stake. The free float was 6.76% and the rest a treasury stake. At the end of June, Polyus held an SPO on the Moscow Exchange and London stock exchange. Kerimov's companies now own 82.44% of the company with the free float at 16.34% and the rest a treasury stake.

Polyus is Russia's largest gold producer, mining hardrock and alluvial deposits in the Krasnoyarsk territory, Irkutsk, Magadan and Amur regions and Yakutia.