8 Mar 2022 07:57

Polymetal almost without independent directors after foreigners leave its board

MOSCOW. March 8 (Interfax) - The independent directors of Polymetal are among the many foreigners who are leaving the boards of directors of Russian companies and companies associated with Russia.

According to a report issued by Polymetal, six foreigners have left the board of directors: Chairman Ian Cockerill, Senior Independent Non-Executive Director Ollie Oliveira, and also Tracey Kerr, Italia Boninelli, Victor Flores, and Andrea Abt.

Thus, Giacomo Baizini, who, according to the Polymetal site, is a financial adviser to the board of directors of Evraz, is the only of the seven independent directors remaining on the board. The board of directors also comprises Polymetal CEO Vitaly Nesis and Konstantin Yanakov, a representative of East Mining Company, one of the largest shareholders of the company.

Polymetal is Russia's leading gold and silver producer. The enterprises of the holding are located in the Magadan and Sverdlovsk regions, the Khabarovsk Territory, Yakutia, Chukotka, and Kazakhstan. Its largest shareholders are East Mining Company, controlled by Alexander Nesis and partners (some 24%) and the funds BlackRock (10%).