ENRC hands Chairman more responsibility

Mining giant ENRC is putting more on its Chairman's plate in order to let its Chief Executive Officer (CEO) focus more on cost and operational efficiencies, the firm said on Friday morning.

ENRC said it would be "extending the role" of Chairman Mehmet Dalman with immediate effect, giving him direct responsibility for corporate functions including finance, risk, human resources, legal & compliance and investor relations.

Dalman, who was only named as Chairman in February of this year, will also keep overall responsibility for the "strategic development" of ENRC and its capital reorganisation.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

Meanwhile, he will step down as a member and Chairman of the nomination and corporate governance committee and will be replaced by Senior Independent Director Terence Wilkinson.

ENRC said that this change will allow CEO Felix Vulis "to fully focus on operations, notably cost and operational efficiencies across the group's assets."

Dalman commented: "I sincerely believe that extending the role of Chairman will assist in both strengthening management capacity and accelerating the delivery of the group's key strategic objectives. It represents an efficient addition and division of labour between Felix and myself, drawing on my past experience as a senior executive at a number of leading global institutions.

"I look forward to the challenges of my extended role, focusing on group profitability, developing and maintaining high standards of governance, outlining a clear strategic long-term path for the business and ultimately delivering returns to all shareholders," he said.