PIRC : independent research and advisory consultancy

PIRC is the UKs' leading independent research and advisory consultancy providing services to institutional investors on corporate governance and corporate social responsibility. Since 1986, it has been the pioneer and champion of good corporate governance within the UK.
Authoritative resource
PIRC has a wide spectrum of clients ranging from pension funds, faith-based investors, trade unions to banks and asset managers. Its Corporate Governance Service is an authoritative and vital resource for active investors, whilst its widely-read Shareholder Voting Guidelines provide a market-wide benchmark for investors and forms part of the movement for corporate governance reform and long-term wealth creation strategies for responsible investors.

For more information about PIRC or to arrange a meeting, contact Janice Hayward, or call us on 0207 247 2323.

PIRC: Antofagasta Holders Should Reject 5 Board Members At AGM

June 3 2008

Dow Jones

Shareholders of Chilean copper miner Antofagasta PLC should oppose the election of five board members at the company's June 11 annual general meeting, the Pension, Investment and Research Consultants, or PIRC, group said Tuesday.

PIRC opposes the reelection of the company's chairman, J-P Luksic, arguing that he effectively fulfills the role of chief executive and chairman in the absence of a CEO. Luksic was CEO of Antofagasta Minerals SA until 2004. His family controls 60.65% of the company's ordinary share capital and 94.12% of the company's preferred share capital through different investment vehicles.

PIRC also opposes the election of G A Luksic as an independent board director because he is the chairman's brother. Non-executive J W Ambrus and senior independent director C H Bailey are also not considered independent since they have been on the board for over nine years, PIRC said.

Finally, PIRC said G S Menendez shouldn't be reelected as an independent board member because he was an executive and remains a director at Quinenco SA ( QUINENCO.SN), a company controlled by the Luksic family. Menendez also holds various board seats in other related companies.