Establishing Mozambique’s Steel Industry

With strategic access to captive iron ore, low cost coal and abundant water resources, Baobab Resources is uniquely placed to become Mozambique’s only integrated mining and steel maker.

 

Corporate Governance

The Company has adopted the UK Corporate Governance Code.  Baobab is committed to maintaining high standards of corporate governance and the Directors intend to comply with the UK Corporate Governance Code.  The Board currently includes two non-executive independent Directors with relevant experience to complement the executive Directors and to provide an independant view to the Board.

The Board of Directors

The Board of Directors of Baobab is accountable to the shareholders for its Corporate Governance. The Board is responsible for corporate strategy direction, guiding the implementation of business plans, approval of exploration and development budgets and capital expenditure, and the adherence to Company policies. It will oversee all aspects of the finances, continuously review performance and controls, manage potential risks, decide on key business transactions and manage the interests of stakeholder groups. All Directors, management and officers are expected to act legally, ethically and responsibly on all matters.

The full Board meets regularly and deals with all important aspects of the Company’s affairs. To enable the Board to perform its duties, each Director will have full access to all relevant information and to the services of the Company Secretary. If necessary, the Non-Executive Directors may take independent professional advice at the Company’s expense. The Board has delegated specific responsibilities to the committees described below.

The Board includes three Executive Directors; Mr Martin van Wijngaarden (Chairman), Mr Ben James (Managing Director) and Mr Frank Eagar (Finance Director), and three Non-Executive Directors, Dr David Twist, Mr Carlo Baravalle and Mr Neil Herrick.

David Twist, Carlo Baravalle, Neil Herrick and Sally Ede-Golightly represent the Company's largest shareholder, Redbird Investment Ltd. The strategies and long term views for the Company are regularly shared with the other Non-Executive Directors.

No changes occurred to the other significant commitments of the chairman during course of the year.

Due to current size of the Company, it is not considered necessary to make use of a Nomination Committee.

The Directors' varied backgrounds and experience give Baobab a good mix of the knowledge and expertise necessary to manage the business effectively.

Directors' respective responsiblilties are shown in the following table.

Director

Title

Board Committee

Executive

Remuneration

Dr Martin van Wijngaarden

Chairman

No

Yes

Ben James

Managing Director     

Yes

No

Frank Eagar  

Executive Director   

Yes
No

David Twist

Non Executive

No

Yes

Carlo Baravalle

Non Executive

No

Yes

Neil Herrick

Non-executive Director

No

No

Sally Ede-Golightly

Non-executive Director

No

No


The Managing Director is responsible to the Board for the day-to-day management of the Company.
This information was updated on 25 January 2017