Copper giant's chairman to flout Combined Code
Kazakhmys chairman Vladimir Kim to take over as chief executive next year
The chairman of FTSE 100 copper group Kazakhmys, Vladimir Kim, will takeover
as the company’s chief executive next year and break from guidance outlined in
the Combined Code on corporate governance.
Kim, who owns 40% of the Kazakhstan group, will replace current chief
executive Yong Keu Cha.
‘I have been the executive chairman and I don’t see there will be any problem
doing both jobs,’ Kim told the Financial Times.
Corporate governance experts expressed concerns over the move by Kim.
Alan Brett, research manager at governance advisory group Manifest, said
Kim’s decision to combine roles was ‘disappointing’ and that there was no ‘clear
explanation’ of why Kazakhmys needed Kim to be chairman and chief executive.
Fund managers have little say in the running of Kazakhmys as Kim, Cha and
finance director Oleg Novachuk own more than 65% of the business.