South32 Ltd on Thursday faced shareholder dissent over the remuneration report at an annual general meeting.
The Perth, Australia-based diversified mining company reported that 32.58% votes opposed the adoption of the remuneration report at the AGM held on Thursday.
This represents ‘first strike’ in terms of Australia’s company laws, as South32 received a ‘no’ vote of 25% or more. At the next AGM, South32 shareholders will vote on this remuneration report, with the company facing ‘second strike’.
Also on Thursday, South32 announced that Frank Cooper and Ntombifuthi Mtoba had retired as non-executive directors following the AGM on Thursday.
Cooper and Mtoba have served on the South32 board since 2015. ‘As founding directors of South32, we have benefitted greatly from Frank and Futhi’s contribution to South32 during its first decade,’ South32 Chair Karen Wood said.
Earlier in the day, South32 Ltd said Karen Wood will retire as chair in February, with non-executive director Stephen Pearce confirmed as her successor.
Wood has served as chair of the diversified mining company since 2019, having originally joined the board as an independent non-executive director in 2017.
The appointment of Pearce as her replacement follows a formal succession process, and the announcement coincides with the day of the company’s annual general meeting.
‘Stephen’s extensive financial and commercial acumen, combined with his strong leadership and industry experience, makes him the right person to lead the board as South32 enters its second decade,’ Chair Wood commented.
Pearce joined South32 in February and currently serves elsewhere as a non-executive director at the London-based aerospace and defence firm BAE Systems PLC, and at the Sydney-based petroleum company Ampol Ltd.
During his career, Pearce has worked in the mining industry as chief financial officer and executive director at Perth, Australia-based Fortescue Ltd from 2010 to 2017, followed by a stint as finance director at London-based Anglo American PLC from 2017 to 2023.
‘I look forward to working with the board and the lead team as we continue to sustainably reshape our business and work to discover our next generation of base metals mines,’ Chair-elect Pearce said.
Shares in South32 rose 1.7% to 155.20 pence on Thursday in London, and they were up 0.9% to R 35.84 in Johannesburg. In Sydney, South32 shares ended up 0.6% to A$3.18 in Sydney on Thursday.
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