Azerbaijan, Baku, Feb. 28 / Trend E. Kosolapova/
The Board of Directors was changed in Kazakh Metallurgical Corporation Kazakhmys, the company reported on Thursday.
"Simon Heale, currently a non-executive Director of Kazakhmys, has accepted the post of Chairman from the conclusion of the Annual General Meeting to be held on May 17, 2013," the company said.
In May 2012, Kazakhmys' Chairman Vladimir Kim announced that he would be stepping down from his post. Meanwhile, Vladimir Kim will remain on the Board as a non-executive Director.
Simon Heale will step down as Chairman of the Audit Committee and will become a member of the Health, Safety and Environment Committee.
Moreover, Michael Lynch-Bell was appointed as a new independent non-executive Director, with effect from Feb.27, 2013. Michael Lynch-Bell will replace Simon Heale as Chairman of the Audit Committee with effect from May 17, 2013.
"Simon is an exceptionally able candidate and his knowledge of the Group will ensure a smooth transition. We now have a Chairman who will be independent upon appointment, which will ensure that Kazakhmys complies fully with the provisions of the UK Corporate Governance Code." Philip Aiken, the company's Senior Independent Director said.
Kazakhmys is a leading international natural resources group with significant interests in copper, gold, zinc, silver and power generation. It is the largest copper producer in Kazakhstan and one of the top worldwide with seventeen operating mines, ten concentrators and two copper smelters.
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