Founder ousted by gold miner

PETER Hambro has been ousted from the board of gold miner Petropavlovsk, the company he cofounded 23 years ago.

Yesterday, Hambro lost his bid to hang on to his place on the board of the firm, as investors voted in favour of Russian investor Renova’s motion to oppose his reappointment and that of three independent non-executive directors.

The Russian conglomerate said Petropavlovsk lacked ‘the requisite focus on corporate governance’, and wanted a shake-up.

Renova, which holds a 14.7pc stake in the miner, has now appointed two new directors to the board of the gold miner.