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LONDON - Caracal Gold PLC (LSE:GCAT), an East African gold mining company, announced on Tuesday the expansion of its board committees, which includes the formation of two new committees focused on finance and corporate governance. The move is aligned with the company’s commitment to robust corporate governance and management practices that meet regulatory standards and stakeholder expectations.
The newly formed Finance Committee is tasked with overseeing the financial operations and ensuring the company has adequate capital and resources for efficient operations. Chaired by independent non-executive director Martin Westerman, the committee is also responsible for setting financial objectives and managing funding strategies.
In addition to the Finance Committee, Caracal has established a Corporate Governance Committee to oversee the company’s adherence to governance policies and evolving standards. The committee, chaired by independent non-executive chair Noreen Kidunduhu, aims to allocate the necessary attention and resources to governance matters and ensure compliance with listing rules.
These new committees join the existing Audit, Risk, Remuneration and Nominations, and Environmental and Social Responsibility Committees. Each committee is composed of a mix of independent non-executive directors and executive directors, bringing a diverse range of expertise to the board’s delegated functions.
Executive Director Jason Brewer expressed confidence in the new appointments and the board’s capability to deliver value and growth, citing the diverse and dynamic composition of the board as a key factor in informed decision-making and effective oversight of the company’s activities.
Caracal Gold’s strategy focuses on increasing production and resources in East Africa, with plans to resume and boost production to over 50,000 ounces per year and build a JORC-compliant resource base of over 3 million ounces. The company emphasizes responsible mining practices and positive social and economic contributions to the communities in which it operates.
This announcement is based on a press release statement and contains information considered as inside information under the Market Abuse Regulation (EU) 596/2014 as part of UK domestic law.
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