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fair do's fellas...clarity emerges from discourse, sometimes!
Sorry, schlem, on this occasion you are wrong.
I hate doing this, but I've been an NED in five separate companies, an INED on the board of a City institution and non-exec chairman of four companies, including one which was AIM listed. I kinda think I know what I'm talking about.
Schlem
Agree too ..... think they’ve had a deal in mind to at least the day the standstill was agreed ..... they wouldn’t have agreed to it otherwise
I agree Schlemiel
Thanks, I am pretty sure the RNS states they are independent directors, if correct this means they are on the board, but do not have a material or pecuniary relationship with company or related persons, except sitting fees.
Yes, but they're not employees and their function does not extend to the day to day running of the company. It is an official company position subject to corporate law regarding responsibilities to check the exex directors and protect the interests of all stakeholders...So, no they're not consultants in a formal sense but yes, they are in the sense they provide advice and consultation when needed
I still think BHP is involved somewhere along the line!! :)
WoodyB, you misunderstand the role and nature of an NED's position. They are most emphatically NOT consultants, nor do they work on a "as needed" basis. They are directors of the company and, as such, face the same duty of care and are subject to the same laws as an executive director.
Non-exec directors will have a service contract the same as fully employed ones. It's not just a consultancy and I for one am very impressed with the 3 new guys and their relevant and lengthy experience. They will be paid a much lower remuneration than full time ones, but their wealth of experience is available whenever needed
To me it says the new recruits are akin to consultants, so paid for their services when needed and they are not on the payroll. Significant because it means there is no long term commitment on either side.
wonder if CGP will spit their dummy and threaten another GMOS over the new board additions?
Sadly Oyu Tolgoi has proved to be a troublesome project with estimated costs doubling and the project being delayed a good many years. Can I assume that Mr Marshall is no longer with RIO. That said the science of block caving is relatively new and I would assume that lessons have been learnt by the Oyu Tolgoi issues
https://www.investopedia.com/terms/n/non-executive-director.asp
INEDs are not employees and their services are hired for accountability, guidance and public relations purposes
Little to add to Maria Amparo Alban...
Executive Director of ACD Consulting Cia Ltda for the last 12 years.
But she has some seriously credible endorsers, especially in Ecuador, including a current candidate for the ~Vice Presidency in Ecuador...
Keith Marshall's appointment is massively significant, especially because of this role...
"The Oyu Tolgoi deposit, in the South Gobi region of Mongolia, has been touted by Rio Tinto as the world's largest undeveloped copper/gold project.
Marshall will be responsible for developing the project and will take a leading role in ongoing negotiations with the Mongolian government on an investment agreement, Rio Tinto said."
https://www.engineeringnews.co.za/article/rio-tinto-names-palamin-chief-marshall-to-head-mongolia-copper-project-2008-02-12