London-listed copper producer Atalaya Mining (AIM:ATYM, TSX:AYM) plc has met with shareholders in an attempt to resolve a partial protest against the group’s director pay policy.
At a general meeting earlier this year, 33% of shareholders voted against Atalaya’s director remuneration.
Although this simple majority allowed the policy to proceed, UK company law stipulates that if more than 25% of votes are cast against a resolution, the company must engage with dissenting shareholders.
In a regulatory statement, Atalaya said dissenting feedback centred around the lack of transparency in the company’s annual and long-term incentive plans.
Although Atalaya has not disclosed the feedback received by dissenting voters, the group said it “will reflect on the feedback received when formulating the new Directors' Remuneration Policy to put to shareholders at the Company's 2025 Annual General Meeting”.
Total directors’ remuneration, fees and bonuses totalled more than €2.6 million (£2.2 million) in 2023.
Yearly profit totalled €36.7 million, a 16% year-on-year increase.