Eldorado Gold Corp (NYSE:EGO) posted a number of changes to company’s Board of Directors. Jonathan Rubenstein has decided to resign from his role of director while Robert Gilmore has resigned from role of the Board Chairman, though will continue to serve as a Director, effective January 1, 2018. Dr. George Albino has been announced as Independent Chairman.
Establishing on these and other retirements of the Board, the reorganization was announced. The departing directors are not set to be replaced, which means there will be a leaner and more focused Board of Directions, comprising in total 8 directors. Besides the change in members, the Board has reduced total and individual compensation for directors in going with peer group considerations.
Eldorado Gold Board will be rebuilding its Nominating and Corporate Governance Committee, Compensation Committee along with Audit Committee in the upcoming period. The company will be appraising its committee directives and its board policies, counting its Diversity Policy, guidelines on the number of other public corporation directorships and its Board Tenure Program.
In unrelated news, Eldorado Gold confirmed that at the call of the arbitral panel, the arbitration period of 90-day has been extended by another 60 days, which means the arbitration period will now end on in April 2018. This arbitration is pertaining to the action commenced by the “Ministries” against the firm’s subsidiary unit Hellas Gold S.A. The extension was at the appeal of the arbitral panel and by consent of the Ministries and Hellas Gold.
Eldorado Gold remains assured that the current arbitration will showcase its adherence to all pertinent laws and regulations. The firm considers that with open conversation both parties will reach to a mutually acceptable solution to allow efficient and full development of the firm’s Kassandra resources in the Halkidiki region, Greece.
In the last trading session, the stock price of Eldorado Gold declined more than 3% to close the day at $1.39.