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Annual report suite 2012

Board and executive management

as at 31 December 2012


BOARD

Non-executive chairman

TT Mboweni [photo]

TT Mboweni

MR TT MBOWENI (53)

BA, MA (Development Economics)
Chairman and independent non-executive director

Tito Mboweni was appointed to the board and as Chairman on 1 June 2010. He is chairman of the Nominations and Transformation and Human Resources Development committees and a member of the Investment, Remuneration Financial Analysis and Party Political Donations committees. He has a long and outstanding record of public service. As Labour Minister from 1994 to 1998, he was the architect of South Africa’s post-apartheid labour legislation which today continues to provide the basis for the mutually respectful labour relationships central to AngloGold Ashanti’s operational approach in South Africa. He was the eighth Governor of the South African Reserve Bank from 1999 to 2009, and Chancellor of the University of the North from 2002 to 2005. He is also non-executive chairman of Nampak Limited and an international adviser to Goldman Sachs. He is a founder member of Mboweni Brothers Investment Holdings. He is also chairman of the fund raising committee of the Nelson Mandela Children’s Hospital and a trustee and member of the finance committee of the Thabo Mbeki Foundation. In December 2012, he was elected as a member of the National Executive Committee of the African National Congress.

Executive directors


M Cutifani [photo]

M Cutifani

MR M CUTIFANI (54)

BE (Min. Eng)
Chief executive officer

Mark Cutifani was appointed to the board on 17 September 2007 and as Chief Executive Officer on 1 October 2007. He is chairman of the Executive Committee and a member of the Social, Ethics and Transformation, Safety, Health and Sustainable Development, Transformation and Human Resources, Party Political Donation, Risk and Information Integrity and Investment committees. Mark has considerable experience in gold mining, having been associated with the industry since 1976. He has had responsibility across six countries, mining and marketing more than 25 commodities. Prior to joining AngloGold Ashanti, he held the position of chief operating officer at CVRD Inco, a Torontobased company, where he was responsible for Inco’s global nickel business.


S Venkatakrishnan [photo]

S Venkatakrishnan

MR S VENKATAKRISHNAN (VENKAT) (47)

BCom, ACA (ICAI)
Chief financial officer

Venkat joined AngloGold Ashanti on 1 July 2004, having been chief financial officer at Ashanti Goldfields Company Limited (Ashanti) until that company’s merger with AngloGold Limited in May 2004. He was appointed to the board on 1 August 2005, is a member of the Executive, Risk and Information Integrity, and Investment committees, and is invited to attend meetings of the Audit and Corporate Governance Committee. Venkat has extensive financial experience, having been a director in the reorganisation services division of Deloitte & Touche in London prior to joining Ashanti in 2000. He is a member of the audit committee of the World Gold Council and is a member of the Financial Reporting Investigation Panel, an advisory panel of the JSE. Venkat led the team that eliminated a 12Moz hedge book at an attractive average price, generating significant value for the company. He was also the key executive behind rebuilding the balance sheet through a series of successful and innovative financings that included debt, convertible debt and equity. His efforts to secure an international investment grade rating for AngloGold Ashanti and then to successfully defend that rating after a wave of industrial unrest in South Africa, have helped AngloGold Ashanti retain a competitive cost of capital. As the lead executive on all M&A activity, he has successfully negotiated a series of acquisitions and disposals, including the $1bn sale of the Boddington stake to Newmont and the sale of Tau Lekoa to Simmer & Jack. (Acquisitions have largely been bolt-on in nature and value accretive).


Non-executive directors


FB Arisman [photo]

FB Arisman

MR FB ARISMAN (68)

BA (Finance), MSc (Finance)
Independent non-executive

Frank Arisman joined the board on 1 April 1998. He is chairman of the Financial Analysis and Investment committees, and a member of the Safety, Health and Sustainable Development, Audit and Corporate Governance, Nominations, Risk and Information Integrity, and Remuneration committees. Frank has a rich background in management and finance through his experiences at JP Morgan, New York, where he held various positions prior to his retirement.


R Gasant [photo]

R Gasant

MR R GASANT (53)

CA (SA)
Independent non-executive

Rhidwaan Gasant was appointed to the board on 12 August 2010 and is chairman of the Risk and Information Integrity Committee, and a member of the Audit and Corporate Governance, Nominations and Financial Analysis committees. He is a former chief executive officer of Energy Africa Limited and sits on the board of international companies in the MTN Group. He is currently chief executive officer of Rapid African Energy Holdings, a start-up oil and gas exploration company focused on Africa.


NP January-Bardill [photo]

NP January-Bardill

MRS NP JANUARY-BARDILL (62)

BA (UBCS) and MA Applied Linguistics (Essex, UK)
Independent non-executive

Nozipho January-Bardill was appointed to the board on 1 October 2011. She chairs the Social, Ethics and Transformation Committee and is a member of the Audit and Corporate Governance, Safety, Health and Sustainable Development, Party Political Donations, Nominations and Transformation and Human Resources Development committees. She recently retired from the MTN Group where she served on several of the company’s subsidiary boards and was an executive director on its main board. She is a former South African Ambassador to Switzerland, Lichtenstein and the Holy See, and former Deputy Director General, Human Capital Management, and Head of the Foreign Service Institute in the then Department of Foreign Affairs (now the Department of International Relations and Co-operation). She is the founder and executive director of Bardill & Associates, a consulting company focusing on strategic communications, high-level government relations and stakeholder management. She also serves on the boards of Credit Suisse Securities, Johannesburg, Multi Motion Fuels (Pty) Ltd and the Health and Welfare SETA which she chairs. She was reappointed to the United Nations Expert Committee on the Elimination of Racial Discrimination, Xenophobia and Related Intolerances for the period 2012-2016.


MJ Kirkwood [photo]

MJ Kirkwood

MR MJ KIRKWOOD (65)

AB, Stanford, Engineering Econosystems Management
Independent non-executive

Michael Kirkwood joined the board on 1 June 2012 and is a member of the Investment, Remuneration, Social, Ethics and Transformation and Nominations committees. He is a highly experienced and respected former international banker, having worked at the highest levels of Citigroup during his 30-year career with the bank. He is currently chairman of Circle Holdings plc, sits on the boards of UK Financial Investments Ltd and Eros International plc, and is senior advisor (former chairman) of Ondra Partners LLP.


WA Nairn [photo]

WA Nairn

MR WA NAIRN (68)

BSc (Mining Engineering)
Independent non-executive

Bill Nairn was appointed to the board in 2000 as an alternate director and on 16 May 2001 as a permanent non-executive director. He chairs the Remuneration Committee and is a member of the Safety, Health and Sustainable Development; Transformation and Human Resources Development; Investment; Party Political Donations; Risk and Information Integrity; Nominations and Social, Ethics and Transformation committees. Bill, a mining engineer, has considerable technical experience, having been the Group Technical Director of Anglo American plc until 2004 when he retired from the company. Having completed the three-year cooling-off period, he is now considered an independent non-executive director of AngloGold Ashanti.


LW Nkuhlu [photo]

LW Nkuhlu

PROF LW NKUHLU (68)

BCom, CA (SA), MBA (New York University)
Independent non-executive

Wiseman Nkuhlu was first appointed to the board on 4 August 2006 and resigned on 30 April 2009. He was reappointed on 1 June 2009. He is chairman of the Audit and Corporate Governance Committee and also serves as a member of the Financial Analysis, Investment, Nominations, Risk and Information Integrity, Safety, Health and Sustainable Development, Social, Ethics and Transformation, Party Political Donations, and Remuneration committees. Wiseman, a respected South African academic, educationist, professional and business leader, served as Economic Adviser to the former President of South Africa, Mr Thabo Mbeki, and as Chief Executive of the Secretariat of the New Partnership for Africa’s Development (NEPAD) from 2000 to 2005. From 1989 to 2000, he served as director to a number of major South African companies, including Standard Bank, South African Breweries, Old Mutual, Tongaat Hulett, BMW and JCI. Wiseman was President of the South African Institute of Chartered Accountants from 1998 to 2000, and Principal and Vice Chancellor of the University of Transkei from 1987 to 1991. He was elected President of the Geneva-based International Organisation of Employers (IOE) in May 2008 for a period of two years. He is currently a member of the board of directors of Datatec Limited, Rothschild SA and the Ethics Institute of South Africa. He serves on the Audit and Risk Committee of Datatec Limited and is a trustee of the International Financial Reporting Standards Foundation.


F Ohene-Kena [photo]

F Ohene-Kena

MR F OHENE-KENA (76)

MSc Engineering, DIC and ACSM
Independent non-executive

Ferdinand (Fred) Ohene-Kena was appointed to the board on 1 June 2010. He is the former Ghanaian Minister of Mines and Energy and is currently a member of the Ghana Judicial Council. He is the Chairman of the Ghana Minerals Commission and is a member of the President’s Economic Advisory Council. Fred is a member of the Safety, Health and Sustainable Development, Transformation and Human Resources Development, Party Political Donations and Nominations committees.


SM Pityana [photo]

SM Pityana

MR SM PITYANA (53)

BA (Hons) (Essex), MSc (London); Dtech (Honoris) (Vaal University of Technology)
Independent non-executive

Sipho Pityana joined the board on 13 February 2007. He is chairman of the Safety, Health and Sustainable Development Committee and a member of the Remuneration, Party Political Donations, Investment, Nominations, Financial Analysis, Risk and Information Integrity, Social, Ethics and Transformation, and the Transformation and Human Resources Development committees. Sipho has extensive experience in management and finance, and has occupied strategic roles in both the public and private sectors, including that of Director General of the national departments of both labour and foreign affairs. He was formerly a senior executive of Nedbank Limited and is currently the chairman of Izingwe Holdings (Proprietary) Limited, a local empowerment group and a significant investor in mining, engineering, infrastructure and logistics, and AngloGold Ashanti’s BEE partner. He serves as a non-executive director on the boards of several other South African companies.


RJ Ruston [photo]

RJ Ruston

MR RJ RUSTON (62)

MBA, Business; BE (Mining)
Independent non-executive

Rodney Ruston was appointed to the board on 1 January 2012. He is a member of the Investment, Safety, Health and Sustainable Development, Risk and Information Integrity, Nominations and the Social, Ethics and Transformation committees. Rodney, a mining engineer, has over 35 years of experience in the resources industry. He is currently the chief executive of County Coal Limited, an Australian-listed company which he joined in June 2012. He was previously chief executive officer and president of North American Energy Partners Inc., a large Canadian mining and construction contracting company listed on the NYSE and the TSX.

 

EXECUTIVE COMMITTEE

In addition to Mark Cutifani and Venkat, the following people were members of our Executive Committee in 2012.

I Boninelli [photo]

I Boninelli

MS I BONINELLI (56)

MA (Psychology), Post Graduate Diploma in Labour Relations
Executive Vice President – People and Organisational Development

Italia Boninelli joined AngloGold Ashanti on 15 October 2010 as Senior Vice President: Human Resources, Strategy and Change Management and on 1 December 2011 was appointed to the Executive Committee where she is responsible for the company’s people strategy, transformation and change management initiatives. Italia has more than 25 years’ experience in human resources, marketing communications, customer relationship management and business transformation in a variety of industries including mining, manufacturing, healthcare and banking. She is a registered industrial psychologist with the Health Professions Council of South Africa, holds a masters degree in psychology and a postgraduate diploma in labour relations.


CE Carter [photo]

CE Carter

DR CE CARTER (50)

BA (Hons), DPhil, EDP
Executive Vice President – Colombia and Investor Relations

Charles Carter has worked in the mining industry in South Africa and the Americas since 1991 in a range of corporate roles with Anglo American Corporation, RFC Corporate Finance and AngloGold Ashanti. In 2012, he took on executive responsibility for the company’s business in Colombia. Prior to this he was Executive Vice President – Business Strategy, and was responsible for corporate strategy and business planning, risk management, Project One implementation and corporate human resources. He retains accountability for AngloGold Ashanti’s investor relations and financial public relations activities.


RN Duffy [photo]

RN Duffy

MR RN DUFFY (49)

BCom, MBA
Executive Vice President – Continental Africa

Richard Duffy joined Anglo American in 1987 and in 1998 was appointed executive officer and managing secretary of AngloGold. In November 2000, he was appointed head of business planning and in 2004 assumed responsibility for all new business opportunities globally. In April 2005, this role was expanded to include greenfield exploration. He was appointed to the Executive Committee in August 2005. Richard was appointed Executive Vice President – Continental Africa in July 2008.


GJ Ehm [photo]

GJ Ehm

MR GJ EHM (56)

BSc Hons, MAusIMM, MAICD
Executive Vice President – Australasia

Graham Ehm has, since 1979, gained diverse experience in mine operations and project management, covering the nickel, phosphate, copper, uranium and gold sectors. He was appointed General Manager Sunrise Dam Gold Mine in 2000, Regional Head – Australia in 2006 and Executive Vice President – Australasia in December 2007. He assumed the role of Executive Vice President – Tanzania on 1 June 2009 and during August 2010, resumed the position of Executive Vice President – Australasia.


RW Largent [photo]

RW Largent

MR RW LARGENT (52)

BSc (Min. Eng), MBA
Executive Vice President – Americas

Ron Largent has more than 30 years’ experience in the mining industry in both domestic and international operations as well as project management. He has served on the Board of Directors of the Colorado Mining Association, the Nevada Mining Association and the California Mining Association. He joined the company in 1994 as manager of gold operations for CC&V. He was named vice president and general manager of the Jerritt Canyon Joint Venture in 2000 and of CC&V in 2002. In January 2007, he was named Vice President for the North America Region and was appointed Executive Vice President: Americas in December 2007.


MD MacFarlane [photo]

MD MacFarlane

MR MD MacFARLANE (56)

Executive Vice President – Business Strategy

Mike MacFarlane was appointed as a consultant responsible for leading the South Africa Region’s Technology Innovation Consortium and drive to a new deep level mining paradigm in South Africa. He was appointed Executive Vice President – Business Strategy on 11 June 2012 and is accountable for business strategy and planning, risk management and Project ONE, while also retaining a strategic guiding role for the South Africa Region’s technology innovation project. Mike has a broad global mining experience, having previously been responsible for Vale’s Canadian mining operations, while also working on developing its sustainability approach. He has also worked in Australia with Mount Isa Mines.


D Noko [photo]

D Noko

MR D NOKO (55)

MBA; Post Graduate Diploma in Company Direction; Higher National Diploma – Engineering
Executive Vice President – Social and Sustainable Development

David Noko joined the group on 15 June 2012 and assumed responsibility for social and sustainable development. The sustainability portfolio incorporates employee and community health and safety, environmental care, community development, global security, human rights and public affairs. Prior to joining AngloGold Ashanti, David served as the managing director of his consulting firm, Cela Corp (Pty) Limited. He also held a host of directorships in JSE listed companies and was until recently Deputy Chairman of the board of Harmony Gold Mining Company Limited. He has strong local and international business leadership knowledge and experience acquired through operating across various business platforms both within and outside the mining industry. His career includes, among others, the role of managing director, De Beers Consolidated Mines Ltd; Vice President, Chamber of Mines of South Africa; Chief Executive Officer, Air Chefs (Pty) Ltd and senior positions at Pepsi Cola international and South African Breweries Ltd. He is a member of the South African Institute of Directors.


MP O’Hare [photo]

MP O’Hare

MR MP O’HARE (53)

BSc Engineering (Mining)
Executive Vice President – South Africa Region

Mike O’Hare joined Anglo American in 1977 and has held several positions at various gold mining operations within the group. His roles have included General Manager of Kopanang (1998), Great Noligwa (2003), Head of Mining and Mineral Resource Management for Underground African Mines (2006), Vice President: Technical Support for South African Mines (2008), Senior Vice President: Operations and Business Planning for South Africa Region (2010) and, in 2011, he was appointed Executive Vice President – South Africa Region.


AM O’Neill [photo]

AM O’Neill

MR AM O’NEILL (55)

BSc (Mining Engineering), MBA
Executive Director – Business and Technical Development

Tony O’Neill joined AngloGold Ashanti in July 2008 as Executive Vice President – Business and Technical Development, having consulted to the company prior to this on its asset portfolio strategy. He is a mining engineer with an MBA from the University of Melbourne. His extensive career in mining, predominantly in the gold sector, has spanned almost 35 years, including his previous role as executive in charge of operations at Newcrest Mining and before that as the executive in charge of the gold business of Western Mining Corporation. Tony is a recognised global business and technical expert in the mining industry. He has led strategy development and delivery of significant turnarounds in large, complex and geographically diverse mining businesses, capitalising on his deep understanding of the resources sector, its inputs, and conditions for success. As Executive Vice President – Business and Technical Development, Tony has had full accountability for a wide global portfolio ranging from exploration, innovation and improvement, strategy, mergers and acquisitions, asset management, business knowledge and information technology, supply chain and safety and the environment.


ME Sanz Perez [photo]

ME Sanz Perez

MS ME SANZ PEREZ (47)

BCom LLB, H Dip Tax, Admitted Attorney
Group General Counsel and Company Secretary

Maria (Ria) Sanz Perez joined AngloGold Ashanti in June 2011 having previously worked in a number of industries and major corporate organisations. She has held legal roles at Investec Bank, Basil Read, Afrox and Sappi. She was also Group Head of Sustainability at Sappi. She is responsible for group legal services as well as compliance and was appointed Company Secretary in September 2012.


YZ Simelane [photo]

YZ Simelane

MS YZ SIMELANE (47)

BA LLB, FILPA, MAP, EMPM
Senior Vice President – Corporate Affairs

Yedwa Simelane joined AngloGold in November 2000 as Managing Secretary to the board and Executive Committee. Prior to joining, she worked in financial services and gained experience in the retirement funding industry. She was appointed an executive officer in May 2004 and Vice President – Government Relations in July 2008. She is currently Senior Vice President – Corporate Affairs, a position she assumed in November 2009, with responsibility for government relations, corporate communications, marketing and the group’s sustainability reporting.


Changes during the year and subsequent to year-end

During the year

The following movements in the Board of Directors, the Executive Committee and the position of company secretary took place during the period 1 January 2012 to 31 December 2012:

  • RJ Ruston was appointed to the board with effect from 1 January 2012;
  • MJ Kirkwood was appointed to the board with effect from 1 June 2012;
  • RL Lazare retired from the Company and as a member of the Executive Committee with effect on 31 March 2012;
  • MD MacFarlane was appointed Executive Vice President – Business Strategy and a member of the executive committee with effect from 11 June 2012;
  • D Noko was appointed Executive Vice President – Social and Sustainable Development and a member of the executive committee on 15 June 2012;
  • L Eatwell retired as company secretary with effect from 1 September 2012; and
  • ME Sanz Perez, Group General Counsel was appointed company secretary with effect from 1 September 2012.

Subsequent to year-end

The following movements took place post year-end:

  • Mark Cutifani, Chief Executive Officer, resigned with effect from 31 March 2013.
  • Sipho Pityana was reclassified as a non-executive director with effect from 19 February 2013.
  • Until a new Chief Executive Officer is appointed, the board has asked Chief Financial Officer, Srinivasan Venkatakrishnan, and Executive Vice President: Business and Technical Development, Tony O’Neill, to act as joint interim Chief Executives. Venkat will be responsible for all finance and corporate functions and Tony for all operations, projects (including ERP and procurement) and technical functions.
  • Tony O’Neill was appointed an executive director to the board with effect from 20 February 2013.