Kim to step down as Kazakhmys chairman

May 11. Universal Newswires

Kim to step down as Kazakhmys chairmanKazakhmys’ longtime chairman Vladimir Kim announced on Friday that he will be stepping down from his position at the copper miner but will remain involved in company affairs.

“I have been Chairman of Kazakhmys since we first listed in London in October 2005,” Kim said at the company’s annual general meeting in London.

“I think that now is the right time to hand on the role to a new and independent Chairman, which will bring the company fully into line with the UK Corporate Governance Code. I anticipate that we will be able to arrange a holdover by the time of the next annual general meeting.”

However, Kim will remain on the board of directors, and will not reduce the amount of shares he holds in Kazakhmys.

He has a 28.4 percent share of the company.

Kazakhmys has not had troubles with corporate governance in London, such as that experienced by Eurasian Natural Resources Corp. (ENRC) in recent months.

Kim is believed to be worth $3.5 billion, after selling off an 11 percent stake to Samruk-Kazyna, the national sovereign wealth fund that oversees around a third of the Central Asian state’s economy.