Bellzone is an iron-ore producer, and has iron-ore and nickel/copper exploration and resource-development assets in the Republic of Guinea, West Africa.
The Board’s role includes determining the Company’s strategy and goals, and approving short- and medium-term plans to this end.
The Board recognises the importance of sound corporate governance and complies with relevant areas of the Combined Code. The Group does not comply with the Combined Code in that a majority of Non-Executives are not independent; the directors are actively engaged in recruiting new members to join the Board.
The Board is committed to improving levels of compliance with the Code over time to reflect best practice in line with the Company’s growing stature.
The Board has delegated certain responsibilities to Board committees including:
- the Audit Committee (chaired by Michael Farrow); and
- the Remuneration Committee (chaired by Antony Gardner-Hillman)
With membership of each of those committees consisting of Non-Executive Directors.
In the company’s 2012 Annual report, Bellzone’s CEO, Glenn Baldwin said he believes Bellzone has the appropriate corporate structure and shareholder support to achieve its ambitions:
“I foresee a change in the composition of our shareholder register as we progress our Kalia project. That progress should enhance our attractiveness to institutional investors and underpin value. We have recently taken steps to consolidate our structure. Locating the core executive team in Jersey from Perth has been one such move. Jersey is in the same time zone as Guinea and is much closer to our operations than Perth; making communication more efficient and, importantly, London and its financial markets…[and] as the company grows, we will also look to add to our Board.” - Annual Report 2012