BHP Billiton Board Appointment
“BHP Billiton Chairman Jac Nasser today announced the appointment of a new Non-executive Director, Baroness Shriti Vadera, to the BHP Billiton Board, effective 1 January 2011. Shriti Vadera brings wide-ranging expertise in finance, economics, and public policy to the BHP Billiton Board as well as extensive experience in emerging markets. She has held a number of advisory and Ministerial roles in the British Government, most recently serving as Minister for Africa and Minister for Economic Competitiveness & Enterprise.
Baroness Vadera has also held a number of international positions, including advising the Republic of Korea on its term as Chair of the G20, Temasek Holdings on strategy and the Government of Dubai on the restructuring of Dubai World. Prior to her time in the British Government, she spent 14 years in investment banking at UBS Warburg where she specialised in advisory work in emerging markets.”
Source: BHP Billiton, December 13 2010
- BHP appoints former British minister Shrit Vadera as board member. The appointment brings the size of the board to 12 persons: 10 men and 2 women.
- The majority of the company’s board members have a financial background, including 3 MBAs, 2 Investment bankers, 2 Chartered accountants, 1 Bachelor degree in business, and 1 Bachelor degree in economics. Only 3 board members have extensive industry in the mining industry and another 3 in the oil & gas industry.
- The company increases the strength of the board in financial expertise and knowledge of the African and Asian way of doing business by appointing mrs. Vadera. Other mining firms will be trying to do exactly the same after the importance of financial management has been highlighted in the crisis and as the African and Asian footprint of the mining industry increases.
- Global political connections and economic insight become more and more important for the board of international mining firms. It will be hard for many companies to balance this requirement with maintaining a high level of understanding of the technological and operational challenges in the mining industry in the board.
©2010 | Wilfred Visser | thebusinessofmining.com