ENRC completes corporate governance review
- Publishing Date
- 29 Sep 2011 12:01pm GMT
- Author
- Mining Journal
Eurasian Natural Resources Corporation plc (ENRC) says it has completed its corporate governance review and that its board is fully supportive of the findings.
The Kazakh mining company has decided to retain Dr Johannes Sittard as chairman, while Felix Vulis has withdrawn his resignation as chief executive.
The review, initiated in June, set out to establish the board structure to “support the group through the next phase of growth”.
It was announced following the voting-off of two independent directors at the company’s annual general meeting, the first time this had occurred in more than a decade.
The new board will comprise eleven directors, six of whom are independent non-executives.
Just over a third of the company is owned by Mr Ibragimov, Patokh Chodiev and Alexander Machkevitch. Kazakhmys plc owns 26%, and the Kazakh government owns nearly 12%.
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