Wednesday April 30, 06:32 PM
Randgold Resources AGM adjourned after board remuneration terms challenged
LONDON (Thomson Financial) - Randgold Resources Ltd (LSE: RRS.L - news) said AGM resolutions relating to board remuneration and a special share scheme were adjourned after shareholder criticism of the relevant performance criteria.
Randgold said the adjournment was proposed 'to afford our shareholders the opportunity to reconsider their proxy relating to these two resolutions... in light of certain voting agencies having indicated that the performance criteria for the award of restricted shares in terms of the proposed new scheme and for the payment of bonuses were unclear.'
The agencies also questioned the independence of the remuneration committee, Randgold said.
The company said it has subsequently communicated with holders of a majority of its shares, and now believes these shareholders 'have a better understanding of both the performance criteria for the share and bonus schemes, and the report of the remuneration committee, and that the adjourned resolutions will now receive an informed response from shareholders.
The adjourned AGM will take place on May 15. All other resolutions were passed.
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