Bosses at miner Hochschild take a 30pc pay cut

Joseph Millis
HOCHSCHILD Mining yesterday said its chairman would become non-ex­ecutive chairman, and non-ex­ec­utive directors would take an estimated 30 per cent pay cut as part of an ongoing cost-cutting drive after it was hit by falling precious metals prices.

In a statement, the company said chairman Eduardo Hochschild would become non-executive chairman from the start of 2015.

The non-executive directors would have their remuneration cut at the same time, and deputy chairman Roberto Danino had also waived the fee he is due for being a special adviser to the company.

“Since the company’s IPO in June 2006, we have sought to establish a board structure in keeping with those of premium listed companies in London and my decision to assume a non-executive role represents a clear and continued commitment to our ethos of strong corporate govern­ance,” Hochschild said.