Newcrest to face testing AGM

Two proxy advisers recommend clients vote against miner's key resolutions.

Proxy advisers Ownership Matters and Kolesnikoff Governance have joined ISS in advising their clients to vote against key recommendations at Newcrest Mining's (NCM) annual general meeting next week, The Australian Financial Review reports.

According to the newspaper, Ownership Matters and Kolesnikoff Governance are recommending a vote against the re-election of non-executive directors Richard Lee, Tim Poole and John Spark, as well as a rejection of the embattled company's remuneration report.

Last week's announcement of departure timelines for both chairman Don Mercer and chief executive officer Greg Robinson has seemingly done little to quash swelling discontent at the miner's fiscal performance and governance in recent years.

The AFR reports Ownership Matters cited the fact the miner had failed to meet a production forecast in the last four years and had not generated free cash flow for the past three years as further reasons for its objections.

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