Polymetal and Evraz have announced changes to their boards today as sanctions against Russia continue to cripple company operations in the country.
Polymetal saw its share price rise 38% to 235.2p and Evraz saw its share price rise 52.6% to 91.5p as bargain hunters continued to jump on the sinking ship in the hopes of a rebound in the historically well-performing stocks.
Polymetal announced that chairperson Ian Cockerill, alongside Ollie Oliveira, Tracey Kerr, and Italia Boninelli have stepped down from the board of directors.
Victor Flores and Andrea Abt have also stepped down from Polymetal’s board with immediate effect.
The remaining directors at the company include CEO Vitaly Nesis, Konstanin Yanakov and Giacomo Baizini.
Evraz announced that Sandra Stash was stepping down as a non-executive director at the company with immediate effect on 4 March.
The mining company added that Maria Gordon had become a member of the company’s nominations committee with immediate effect.
Analysts at AJ Bell commented that the mass exodos of directors from Russian companies was inevitable, and the crippling sanctions against Russia has essentially seen the stock in those companies hit the point of no return.
“Russian companies trading on the London Stock Exchange continue to lose board members at pace as directors realise the optics of being linked to these businesses are toxic. Polymetal saw six of its board members resign and another director has quit Evraz,” said an AJ Bell analyst.
“As soon as the Institute of Directors, hardly an organisation known for its radicalism, pushed for Britons involved to take the jump this mass exodus was almost an inevitability.”
“However, it will make any future rehabilitation for these stocks, which already looked unlikely, even more difficult.”