IGO to overhaul board and transition chair Michael Nossal
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The news: Critical miners miner IGO said it will reduce the size of its board, transition the chair role, and recruit multiple new independent non-executive directors, as part of a "measured renewal and succession process."
The numbers: IGO shares were up 5% to $4.21 at 12:25pm AEST, tracking a broad rally by Australian miners.
The context: IGO said the changes follow the board's annual review of its composition, including an assessment of its size and the alignment of director's skillsets with the current and future needs of the business.
The company said its restructured board will provide effective oversight and governance in the context of its "refreshed strategic direction", its ongoing organisational transformation, and its aim to supply commodities for the global energy transition.
What they said: "As IGO evolves, so too must its board," said chair Michael Nossal.
"The company's transformation has been profound, and it is only natural that the board aligns itself with the streamlined, strategic organisation that IGO has become."
The source: ASX
