Supervisory Board set up at Catoca!
A
move to improve the
quality
of corporate governance
The
Angolan diamond mining company Catoca Ltd Mining Co (major founding
shareholders are Alrosa and the Angolan national company Endiama E. P.) will
introduce innovations that significantly improve the quality of corporate
governance.
"We
are pleased to state that our cooperation with Endiama, the second major
founding shareholder of Catoca, is reaching a new level of development. Since
last year, Alrosa and Endiama have been discussing opportunities to improve
corporate governance at Catoca Ltd. After detailed consideration and
elaboration, shareholders unanimously adopted all the proposed innovations at
the recent General meeting. This indicates a uniting desire to develop the
company and contribute to the strengthening of the Angola economy" said
Sergey Ivanov, Alrosa CEO.
Founding
shareholders of Catoca decided to establish Supervisory and Fiscal councils.
These bodies are vested with the authority to control, approve and finalize
contracts. The Supervisory Board also has the right to approve Executive
Directors.
According
to another adopted decision, Catoca Ltd. from now on will comply with the
principle of rotation between the two main shareholders when appointing CEO and
his Deputy for financial affairs. The Supervisory Board and the management
Board of Catoca will observe the principle of parity representation.
"Catoca
will conduct its operations in accordance with the best and internationally
recognized corporate governance practices. This will definitely improve the
quality of work on current and future projects, including the Luaxe project,
will make it more transparent and efficient", - commented Sergey Ivanov
during a visit to Angola.
Alrosa
delegation, including the company’s CEO Sergey Ivanov and Deputy CEO Vladimir
Marchenko, also visited the Lunda Sul province and held a meeting with its
Governor Daniel Neto. During the visit, participants discussed the status of
the development of Luaxe and prospects of potential cooperation with Endiama, including
the context of other concessions.
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