Avior Capital Markets - KUMBA IRON ORE LTD (157W) Kumba Iron Ore | Proxy voting and governance recommendation

Report

Avior Capital Markets

Wade Napier

Kumba Iron Ore | Proxy voting and governance recommendation

KIO's corperate governance remains "good". However, we score the firm's governance lower due to excessive board member turnover and regressive changes to its long term share incentive program (LTIP).

26/04/2018 10 EN

Underlying

KUMBA IRON ORE LTD

Kumba Iron Ore is engaged in the exploration, extraction, beneficiation, marketing, sale and shipping of iron ore. Co. produces iron ore in South Africa at Sishen and Kolomela mines in the Northern Cape province and at Thabazimbi mine in the Limpopo province. As of Dec. 31 2013, Co.'s total iron ore proved and probable reserves from mining operation was 530.7 million tonnes and 544.6 million tonnes, respectively.

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ZAE000085346 Johannesburg Stock Exchange South Africa

Provider

Avior Capital Markets

Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.

Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.

Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.

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Analysts

Wade Napier

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