|
|
NYSE 303A.11 Disclosure
|
In terms of section 303A.11 of the New York Stock Exchange's Listing Standards ("the NYSE listing standards"), all foreign listed companies of that exchange, such as AngloGold Ashanti Limited (formerly AngloGold Limited), must briefly summarise the significant ways in which such companies' home country practices relating to corporate governance issues differ from US domiciled companies listed on the NYSE. The company's home country practices are regulated by the JSE Securities Exchange South Africa Listings Requirements ("the JSE listing requirements").
The NYSE listing standards require the appointment of a nominations committee to oversee the appointment of new directors to the board, and that such committee comprise solely of independent directors. The JSE listing requirements also require the appointment of such a committee, but that it comprise solely of non-executive directors the majority of whom must be independent. The company has appointed a Nominations Committee of the board. As at 6 May 2008 the committee comprised of eight non-executive board members, six of whom were independent, as defined in the JSE listing requirements, and is chaired by the independent chairman of the board.
The NYSE listing standards require the board to comprise a majority of independent directors, as defined in its listing standards, and that the remunerations committee of the board be fully independent. In previous years AngloGold Ashanti did not comply with these standards as the JSE listing requirements did not have similar standards. However as at 6 May 2008 the board is now comprised of a majority of independent directors, as defined in the JSE listing requirements, and the remuneration committee of the board is fully independent.
First posted: 3 May 2004
Updated: 11 June 2008
|
|
|
[top]
|
|
| |
|