Europe / Middle East / Africa
Trinidad Cement Directors resign
Apr, 05 2012
(Trinidad) -- Trinidad Cement Limited yesterday informed the T&T Stock Exchange that two of its directors, Leonard Nurse and Jeffrey Mc Farlane, resigned from the board of the regional cement producer with headquarters at Claxton Bay.
The resignations of Nurse and McFarlane were effective as at March 28 and are meant to facilitate the appointment of Jean-Michel Allard and George Thomas, who are nominees of the steering committee of lenders as part of the Group’s debt restructuring programme.
Thomas and Allard were appointed with effect from March 29 in accordance with Clause 4.4.2 of the company’s by-laws, according to the TCL statement, which added that the by laws empowers the board to fill the casual vacancies so created.
These appointments will be submitted for ratification at the next TCL annual meeting.
According to the statement from the cement producer, both Thomas and Allard have extensive experience in the international cement industry. The statement does not indicate where the men gained this experience but checks on the Internet revealed that a Jean-Michel Allard worked as the deputy CEO for a French cement company called Vicat SA. A TCL source said that Allard had retired from Vicat.
Internet checks revealed that George Thomas is a member of audit committee of the board at Zuari Cement, which is fully owned by Italian cement giant, Italcementi. Last night, Thomas’s Linkedin page described him as a “designated director on the parent board of Trinidad Cement Limited.” The Guardian understands that Thomas was designated by a group of creditors co-chaired by the International Finance Corporation, the World Bank affliate, which facilitated TCL in structuring and arranging the US$105 million financing used to fund its expansion in 2005.
The TCL statement indicated that both Allard and Thomas “recently participated in an ICSA (International Corporate Secretaries Association) workshop on Corporate Governance in Trinidad.” According to TCL, the company’s board “also agreed that Nurse and McFarlane will maintain their participation in board meetings of the group and may offer themselves for re-election at the upcoming annual meeting of the company.”
The company said: “At the upcoming Annual Meeting of TCL recommendations will be submitted to shareholders for amendments to be made to the Articles of Continuance to expand the maximum number of Directors from 10 to 12 and to shorten the terms of office of directors from the current 3 years to 2 years, with appropriate provisions for rotation.”
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