[miningmx.com] – FINANCE minister Pravin Gordhan said Anglo American
ought to draw more of its executives from South Africa.
Gordhan told Bloomberg News in an interview that there was an “umbilical cord’
linking Anglo American with South Africa, notwithstanding the fact the mining group
switched its headquarters to London from Johannesburg in 1999.
Gordhan’s words follow comments by mines minister Susan Shabangu and those of
Anglo shareholder, the Public Investment Corporation (PIC), that Anglo American’s
next CEO should be South African.
Cynthia Carroll, Anglo’s current CEO, announced last week that she would step down
from the post once a suitable replacement was found. The group’s chairman, Sir John
Parker, said a global search had begun immediately.
Said Gordhan: “Given the strong roots that they have both in terms of history and in
terms of where their profit base is, they should look at a greater South African
presence on both their Board and at a senior management level.’
Anglo American has one South African – Phuthuma Nhleko – on its Board. About 49%
of Anglo American’s revenue was derived from South African assets in its last
financial year.
“All we can do is say what the fact of the matter are,’ Gordhan told Bloomberg News.
“The facts are you have South African roots, you went off to London. You still have, if
you like, an umbilical cord to South Africa in terms of your profits that were extracted
here. In that sense, you have some obligations to South African as well,’ he said.
