Bosses' bonuses are axed at Petropavlovsk

Click to follow
The Independent Online

The Russian miner Petropavlovsk has scrapped bonuses and incentive payments for its executives and chairman after its shares were hit by a steep gold price drop.

Petropavlovsk shares have fallen 60 per cent this year as the London-listed company battles falling prices, high costs and debts and operational challenges. In a letter to shareholders published alongside its annual report it said executives and the chairman, Peter Hambro, would not be paid 2013 bonuses.

Comments