Aveng Limited has made significant changes to its board of directors, announcing the retirement of two long-serving independent non-executive directors and the appointment of a seasoned industry expert to join the board. These changes were disclosed in compliance with paragraph 3.59 of the Listings Requirements of the JSE Limited, providing shareholders and stakeholders with transparency and accountability.
Retirement of Distinguished Directors
Mr. Michael James Kilbride and Ms. Mavis Ann Hermanus, two highly regarded independent non-executive directors of Aveng, officially retired from their positions on the board, effective from 17 July 2023. Both directors had served the company for over a decade, contributing their expertise and leadership during various phases of Aveng’s operations.
Over the years, Mr. Kilbride and Ms. Hermanus had been instrumental in guiding Aveng through challenging times, playing a crucial role in the company’s growth and strategic decision-making processes. Their retirement marks the end of an era and prompts reflection on their enduring dedication and commitment to Aveng’s success.
Welcoming a Seasoned Leader
In light of the retirements, the Aveng Board has appointed Mr. Nicholas Bowen as an independent non-executive director. The appointment, also effective from 17 July 2023, brings a wealth of industry experience to the board. Based in Sydney, Mr. Bowen boasts an impressive career spanning over 40 years in contract mining, construction, and quarrying, both in Australia and internationally.
His remarkable tenure as CEO and Managing Director at Macmahon Holdings, during which the company was actively involved in mining and civil construction, solidified his reputation as a visionary leader in the industry. Subsequently, he played a crucial role in leading the global mining services business at Orica. More recently, his expertise in mining operations contributed to the success of the Sishen mine under the Anglo American Group and Lubambe Copper Mines in Zambia.
With his extensive knowledge and invaluable insights, the Aveng Board eagerly anticipates Mr. Bowen’s contributions, believing his appointment will enhance the company’s strategic vision and further strengthen its market position.
Revamped Board Committees for Enhanced Governance
Alongside the appointment of Mr. Bowen, Aveng Limited has reconstituted its Board Committees, effective from 17 July 2023. The restructuring aims to bolster corporate governance and the board’s effectiveness in overseeing key aspects of the company’s operations.
The new composition of the Board Committees is as follows:
| Committee | Chair | Members |
|---|---|---|
| Audit Committee | B Modise | B Meyer, N Bowen |
| Risk Committee | N Bowen | P Hourquebie, B Modise, D Noko |
| Social, Ethics, and Transformation Committee | D Noko | P Hourquebie, B Modise |
| Safety, Health, and Environment Committee | N Bowen | P Hourquebie, D Noko |
| Remuneration and Nomination Committee | B Meyer | P Hourquebie, B Modise |
| Investment Committee | P Hourquebie | B Meyer, B Modise |
Strengthening Leadership with Lead Independent Director Appointment
In another strategic move, Ms. B Modise has been appointed as the Lead Independent Director, effective from 17 July 2023. This critical role entails presiding over meetings of the independent directors, serving as a point of contact between the board and executive management, and promoting strong corporate governance practices.
Ms. Modise’s appointment reinforces Aveng’s commitment to transparency, accountability, and ethical leadership, as the company continues to prioritize best practices in corporate governance.
