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"Governance undoubtedly protects value, but a sound framework of governance and controls is value-enhancing." 

As a company with a premium listing on the Main Market of the London Stock Exchange, Hochschild Mining is required to report on the application of the principles and compliance with the provisions of, the 2018 edition of the UK Corporate Governance Code

Please click here for a copy of the Company’s statement of compliance in respect of 2019 which also describes our governance framework. 


The Hochschild Group was established over a hundred years ago and, over time, we have differentiated ourselves not only as a sound mining operator but also in striving to achieve the highest standards.  This has been articulated most recently in our reformulated corporate purpose – “Responsible and Innovative Mining Committed to a Better World”.  It is this sense of responsibility that underpins our approach to governance.

Through effective leadership and collaboration, the Board supports the executive management team to ensure the successful delivery of our strategic goals.


The Board comprises the Chairman - Eduardo Hochschild, the Chief Executive Officer and seven Non-Executive Directors, of whom six are considered, by the Board, to be of independent judgement and character.  A schedule of matters reserved for consideration by the full Board can be accessed here.

For more information on members of the Board please click here

The Board has approved a document which sets out the division of responsibilities between the Chairman and Chief Executive Officer.  Copies of these documents are available here


Even though Eduardo Hochschild is the company’s major shareholder, the Board members consider that the composition of the Board and certain contractual arrangements act as a counter balance which prevent the exercise of undue influence.

Firstly, the significant presence of Independent Directors and the active role of the Senior Independent Director ensure that the views of minority shareholders are well represented. Secondly, the Company and Eduardo Hochschild have entered into a Relationship Agreement to ensure that the Group can operate independently of Eduardo Hochschild and his associates.


Board review

In 2019, we continued with our internally-led Board evaluation process which was managed by Michael Rawlinson, as our Senior Independent Director. The process reviewed many aspects of the functioning of the Board, the Committees and the roles played by the Directors. This exercise has always resulted in a number of recommendations which undoubtedly enhance our governance arrangements. The findings are varied and include improvements to the reporting of our brownfield and greenfield exploration programmes and seeking a better understanding of the methodologies applied by third parties in assessing our performance with regards to environmental, social and governance matters (commonly referred to as “ESG”).


A common theme in among the work of the Board and its Committees during 2019 is that of the workforce. This is, in part, a reflection of the requirements of the Code but also acknowledges that businesses do not operate in a vacuum. The Board has sought a better understanding of the needs of our people and the initiatives to ensure that there is an alignment of values across the entire organisation.

For further details, please click here.