RE: Crux Investor Interview: Questions for CEO.19 Oct 2020 22:19
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Perth-based corporate advisor Liam Twigger, who joined the SolGold board last year, has been appointed as chairman of SolGold.Chairman of seven years, Brian Moller, has stepped down, but will remain on the board. Twigger said he was grateful to be given the opportunity to chair SolGold in its next phase. The company has unrivalled potential, not only through our operational control and 85% ownership of the Alpala project and its world class resource of 22Moz of gold, 10Mt of copper and 92Moz of silver, but also through our exposure to numerous highly prospective exploration targets across the Andean Copper Belt,he said. The strong fundamentals of the Alpala project present a great variety of financing options, with all of them considerably endorsed by improved price and value outcomes for all shareholders, which is significantly higher than the current market capitalisation. Dr Robert Weinberg has announced he will retire as a director at SolGolds upcoming annual general meeting. Twigger will oversee an independent process to secure up to three new directors who are located in close proximity to the company's stakeholder bases in London, Toronto and Ecuador. SolGold last month appointed UK-based ESG expert Elodie Grant Goodey to its board. The company is aiming to have half of its board comprising of independent directors by the end of the year. Moller and SolGold CEO Nicholas Mather have also indicated their intention to step down from a number of other listed company boards on which they currently sit. SolGold said it was committed to adopting best practice corporate governance standards and had been developing new governance policies, processes and guidelines, including the appointment of Nadine Dennison as chief human resources officer in February. The company has established of a nominations committee and made improvements to the remuneration committee, which is reviewing a performance and remuneration framework to attract top senior talent, underpin increased board independence, and more strongly align executive remuneration to organisational performance outcomes. SolGold has appointed two London proxy solicitation firms, CMi2i and Boudicca, ahead of the AGM, and has also appointed law firm White & Case, who will advise the company on its corporate governance and shareholder matters as and when required. SolGold has been under pressure in recent weeks after its 15% Alpala joint venture partner, Cornerstone Capital Resources, rejected a hostile takeover offer and initiated a process to remove Moller, Mather, Weinberg, Twigger and fellow directors Jason Ward and Jason Clare, and replace them with five of its own nominees. The time has come to put an end to SolGold's suspect corporate governance and self-dealing practices, Cornerstone chair Greg Chamandy said in a statement.
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