11th Mar 2021 17:30
(Alliance News) - Glencore PLC on Thursday said Chair Anthony Hayward will step down from his role with effect at the Swiss commodities trader and miner's annual general meeting in 2022.
Glencore said that the search for his successor is underway.
"As noted last year, the 2018 UK Corporate Governance Code provides that the chairman should be subject to a nine year term limit from first appointment as a director. However, the board recommended to shareholders that I remain as chairman while the senior management succession is concluded and for the ongoing investigations," Hayward said in Glencore's annual report.
"We have consulted with a number of our leading shareholders regarding this issue and they support a second and final extension to my term as a chairman which the board will recommend to shareholders. I will step down at the latest by next year's AGM," he added.
Hayward has been his role at Glencore for eight years since 2013, and part of the company's board for 10 years since 2011. His most recent role was at Iraq-focused oil firm Genel Energy PLC, as chief executive officer from 2011 to 2015, and chair from 2015 to 2017.
Shares in Glencore closed 2.1% higher at 289.25 pence on Thursday in London, while its Johannesburg shares ended 0.1% lower at ZAR60.01.
By Dayo Laniyan; [email protected]
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