New look in Old Mutual board’s roles, committees

Old Mutual plc has rung changes to its board by bringing in two new nonexecutive directors, Zoe Cruz and Adiba Ighodaro, and reshuffling roles and changes of existing board members.

The company said various changes have been made to Board Committee memberships following the annual review of the composition of the Committees and in light of the changes to the Board. Alongside the two new appointments Old Mutual also announced that Bongani Nqwababa is living its board.

“As a consequence, said the group, the memberships of the Board’s main standing Committees will now be as follows:

Board Risk Committee:

Mike Arnold (Chairman)

Zoe Cruz

Reuel Khoza

Nku Nyembezi-Heita

Roger Marshall

Group Audit Committee:          

Roger Marshall (Chairman)

Mike Arnold

Danuta Gray

Adiba Ighodaro

Nkosana Moyo

Nomination Committee:           

Patrick O’Sullivan (Chairman)

Alan Gillespie

Danuta Gray

Reuel Khoza

Nku Nyembezi-Heita

Julian Roberts

Remuneration Committee:          

Alan Gillespie (Chairman)

Zoe Cruz

Danuta Gray

Roger Marshall

Nkosana Moyo

The group also announced that “It has also been agreed that, after the 2014 Annual General Meeting, Danuta Gray will step down from the Group Audit Committee and will succeed Alan Gillespie as Chairman of the Remuneration Committee. Mr Gillespie will still remain a member of that Committee after ceasing to be its Chairman.”

Commenting about Nqwababa’s departure Old Mutual plc board chairperson Patrick O’Sullivan said “After nearly seven years on our Board, Bongani (Nqwababa) now wishes to dedicate more of his time to his executive and new non-executive positions. I would like to thank him for his valuable contribution to the Group and to extend our best wishes to him for the future.”

Mr Nqwababa will be paid his Board and Committee membership fees on a pro rata basis to 6 January 2014. There will be no payment for loss of office.”

news@ujuh.co.za

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