Angola, 12 March 2019 - The Angolan diamond mining company Catoca Ltd Mining Co (major founding shareholders are ALROSA and the Angolan national company Endiama E. P.) will introduce innovations that significantly improve the quality of corporate governance.
"We are pleased to state that our cooperation with Endiama, the second major founding shareholder of Catoca, is reaching a new level of development. Since last year, ALROSA and Endiama have been discussing opportunities to improve corporate governance at Catoca Ltd. After detailed consideration and elaboration, shareholders unanimously adopted all the proposed innovations at the recent General meeting. This indicates a uniting desire to develop the company and contribute to the strengthening of the Angola economy", - said Sergey Ivanov, ALROSA CEO.
Founding shareholders of Catoca decided to establish Supervisory and Fiscal councils. These bodies are vested with the authority to control, approve and finalize contracts. The Supervisory Board also has the right to approve Executive Directors.
According to another adopted decision, Catoca Ltd. from now on will comply with the principle of rotation between the two main shareholders when appointing CEO and his Deputy for financial affairs. The Supervisory Board and the management Board of Catoca will observe the principle of parity representation.
"Catoca will conduct its operations in accordance with the best and internationally recognized corporate governance practices. This will definitely improve the quality of work on current and future projects, including the Luaxe project, will make it more transparent and efficient", - commented Sergey Ivanov during a visit to Angola.
ALROSA delegation, including the company’s CEO Sergey Ivanov and Deputy CEO Vladimir Marchenko, also visited the Lunda Sul province (the area assembles major diamond deposits of the country) and held a meeting with its Governor Daniel Neto. During the visit, participants discussed the status of the development of Luaxe and prospects of potential cooperation with Endiama, including the context of other concessions.