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A M Norris
(45) was appointed Finance Director in July
2007 having previously been Chief Financial
Officer since February 2007. He worked for
L.E.K. Consulting, a firm of strategic management
consultants, before qualifying as a chartered
accountant with Coopers & Lybrand in
1993. He then held a number of senior financial
and operational roles within Rio Tinto plc
and Anglo American plc. He was CFO at two
of Rio's mines in the US and held the position
of production manager at one of them, an
open pit gold mining operation. He is based in London and is a member of Avocet's Executive Committee.
N G McNair Scott
(64) has been non-executive Chairman
of the Company since its listing on the
London Stock Exchange in 1996. He has been
Finance Director of Helical Bar plc since
1987. Previously he was a director of Johnson
Matthey Plc and held various positions in
the Anglo American plc and Charter Consolidated
groups. He had over 25 years direct experience
in the mining business before becoming non-executive
Chairman of Avocet.
Harald Arnet
(48) became a non-executive director in
September 2009. He is the Chief Executive Officer of Datum AS, which became Avocet's second largest shareholder following the completion of the Avocet's acquisition of Wega Mining ASA. Mr. Arnet previously held the position of Senior Vice President, Corporate Finance, Norway for Svenska Handelsbanken.
R A Pilkington
(64) became a non-executive director in
March 1996. He is a Managing Director of
UBS Investment Bank. He is also a director
of ASA Limited, an investment trust investing
principally in the shares of South African
gold mining companies. Following an earlier
career with the Anglo American group, he
has been an investment banker in New York
for the last 25 years, and has advised some
of the world's leading gold mining companies.
M J Donoghue
(60) became a non-executive director in
July 2006. He is a mining engineer with
over 30 years experience in mining operations
and new mine developments in Africa, Australia,
South East Asia and Europe. Currently he
is the Executive Chairman of Ormonde Mining
plc. Previously he held the position of
General Manager - Operations of Delta Gold,
Sydney, Australia.
R P Edey (67) was appointed non-executive director in July 2010. He retired as Chairman of AngloGold Ashanti Limited in May 2010 having been a member of that company’s board since 1998. He is a Non-executive Director of Old Mutual PLC and several companies in the Rothschild Group, which he joined in 1977. Prior to that, he worked for Anglo American Corporation of South Africa Limited in South Africa and Australia. In July 2010 it was announced that he will take over as Chairman of Avocet on 15 September 2010.
B J W Rourke (59) was appointed non-executive director in July 2010. He served as a Partner at PricewaterhouseCoopers for 17 years, acting as an advisor and auditor for several large and medium-sized businesses in both the public and private sector before retiring in 2001. He has significant experience in the resources sector as an independent Non-executive Director of several companies, and has been Chairman of the Audit Committee at a number of these. In July 2010, he was appointed Chairman of the Audit Committee.
Note: Ages are as at 31
December 2009
The Nomination Committee meets at least once per year to select and recommend to the board suitable candidates for both executive and non-executive appointments to the board. The committee reviews the annual performance appraisals of all the board members during the year. The membership of the committee comprises N G McNair Scott (Chairman), H Arnet and R A Pilkington.
The Remuneration Committee reviews the performance of the executive directors and sets the scale and structure of their remuneration on the basis of their service agreements with due regard to the interests of the shareholders and the performance of the Group. The Remuneration Committee also makes recommendations to the board concerning employee incentives, including the allocation of share issues to employees. Directors of the Group are not permitted to participate in discussions or decisions of the committee concerning their own remuneration. The membership of the committee comprises N G McNair Scott (Chairman), R A Pilkington, M J Donoghue and H Arnet.
The Audit Committee meets at least twice a year and provides a forum for reporting by the Company's external auditors. Meetings are also attended, by invitation, by other members of senior management as appropriate. The Audit Committee is responsible for reviewing a wide range of financial matters including the status of the Company as a going concern and the half-year and annual financial statements prior to their submission to the board. The Audit Committee keeps under review whether an internal audit function would add value to the Company, and also the extent of non-audit services supplied by the external auditors to the Company. The membership of the committee comprises B J W Rourke (Chairman), N G McNair Scott, R A Pilkington, M J Donoghue and H Arnet.
Summary of matters requiring
action or approval by the Board:
- Management structure
and appointments;
- Strategy and policies;
- Transactions not in
the ordinary course of business;
- Financial policy; and
- Corporate governance.
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