Johannesburg, South Africa — MININGREVIEW.COM — 06 July 2010 – Anglo American CEO Cynthia Carroll has been appointed chairman of subsidiary Anglo Platinum (AngloPlat) with effect from 1 September 2010, when current chairman Fred Phaswana steps down.
Miningmx reports that Phaswana resigned from the Anglo American board in January to become the chairman of Standard Bank, and at that time also indicated his intention of resigning from AngloPlat.
Another major change to the AngloPlat board is that former cabinet minister Valli Moosi is joining as deputy chairman and lead independent non-executive director.
Carroll has defended her appointment, claiming it fell within the recommendations prescribed by corporate governance bible, King III. She also said her appointment helped align Anglo Platinum with its parent.
Asked why she had been appointed rather than any number of other candidates, Carroll said she had significant knowledge of Anglo Platinum and the broad national context in which it operated.
“It goes without saying that I have significant knowledge of Anglo Platinum and I understand the broader issues that we all face. I also have an absolute commitment to South Africa.” Carroll added that her strong relationship with the South African government would also enable her to add huge value to Anglo Platinum’s board.
Her appointment was subject to stinging criticism from South African corporate watchdog Theo Botha, who described it as unacceptable and a slap in the face for minority shareholders in Anglo Platinum.
“The appointment is not acceptable. You can’t have the CEO of the parent company serving as the chairman of a listed subsidiary. Carroll is going to have to recuse herself on every decision,” claimed Botha.