Gold Fields is to sun with a leaner board

Gold Fields has resolved to reduce the number of directors from twelve to nine citing tough market conditions and a restructured operation.

Announcing the decision yesterday Gold Fields new chairperson Cheryl Carolus, who took over after the departure of Mamphela Ramphele, said following a review of the composition of the Board of Directors was conducted in light of the company’s new strategic direction.

This new direction was partly defined by the unbundling of Sibanye Gold and the challenges presented by the current low gold price and high cost operating environment.

“Following discussions with the Board and the Nominating and Governance Committee, Messrs Delfin Lazaro, Roberto Dañino and Rupert Pennant-Rea volunteered to resign as non-executive directors and have agreed to step down from the Board with immediate effect”.

“On behalf of the Board, the Chair would like to express appreciation for the time and effort that each of the departing non-executive directors has put into the Company for the benefit of all its stakeholders.  Messrs Pennant-Rea and Dañino acted as the Chairs of the Remuneration Committee and Social and Ethics Committee respectively.  Mr Lazaro has done an admirable job in representing the Company’s interests in the Philippines and he will continue to do so following his resignation.  We greatly appreciate that each of our departing non-executive directors has sought to bring their experience and expertise to a range of matters over the time they have been with the Company”.

Carolus also announced that non executive director Donald Ncube will assume the role of the Chair of the Social and Ethics Committee and non-executive director  Alan Hill will assume the role of the Chair of the Remuneration Committee. “The Board believes that its new composition will more appropriately reflect the needs of the Company and is confident that it will continue to be able to perform its duties for the benefit of all stakeholders”.

Ujuh.co.za

Leave a Reply

Your email address will not be published. Required fields are marked *