Petra Diamonds Limited
Annual Report and Accounts 2013
54
Corporate Governance
Introduction
FY 2013 Governance Highlights:
$
the appointment of Tony Lowrie as Senior Independent
Director, a position for which his years of business
experience in the financial sector ably qualified him;
$
further to the appointment of Mr Lowrie and the resignation
of Dr Kamal, the number of independent Non-Executive
Directors (“iNEDs”) on the Petra Board (excluding the Chairman)
now stands at 50% (in compliance with corporate
governance requirements);
$
strengthening of Audit, Remuneration and Nominations
Committees through the appointment of Mr Lowrie,
both in terms of composition and skills;
$
the completion of a rigorous and formal Board effectiveness
and performance review process; and
$
the implementation of the Group’s Anti-Bribery Policy
and the revision of the Group Code of Ethical Conduct.
The Petra Board composition has changed significantly over
the last two years, as is appropriate given the Company’s rapid
development and its move in FY 2012 from AIM to the Main
Market of the London Stock Exchange. We identified the
principal areas of governance improvement when joining
the Main Market and have continued to address these areas.
We benefit from the guidance of our iNEDs, who provide
valuable input to Board and Committee discussions, including
strategic matters. Petra’s Nomination Committee considers
our Board to have a good balance of highly relevant business,
governance, mining and Africa experience, however it will
continue to review Board composition going forward.
In line with one of the core values at the heart of Petra – ‘Let’s
do it better’ – we are looking to continuously improve across
all areas of our business, and we will continue to review and
reinforce our governance and risk management procedures
as the Company continues on its growth path.
Finally, my fellow Board members and I look to lead by
example and ensure that a culture of integrity, hard work
and accountability is spread right through the business,
from the top down.
Adonis Pouroulis
Non-Executive Chairman
11 October 2013
Dear shareholder,
It is the Group’s strategy to build a sustainable long-term future for the business
and to maximise shareholder value; continued effective corporate governance,
in line with best practice standards and the Company’s increasing size and stature,
is integral to achieving these aims.
My fellow Board members
and I look to lead by example
and ensure that a culture
of integrity, hard work and
accountability is spread right
through the business,
from the top down.
Adonis Pouroulis
Non-executive Chairman
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