Ferroglobe PLC (NASDAQ: GSM ) (“Ferroglobe”, the “Company”, or the “Parent”), a leading global producer of silicon metal, silicon-based and manganese-based ferroalloys, announces today that the Board of Directors has made several important improvements to the composition of its board committees, effective immediately.
With the objective of making all essential Board committees fully independent, the Board of Directors has eliminated the existing structure of the separate Nominations and Corporate Governance Committees, replacing them with a new combined Nominations and Governance Committee. This new committee consists of three independent directors: Nicolas De Santis (Chair), Belen Villalonga and Bruce Crockett. In addition, in order to make the Compensation Committee comprised exclusively of independent directors, Stuart Eizenstat replaces Silvia Villar-Mir de Fuentes on that Committee, effective immediately. No directors leave the Board as a result of these changes.
Javier López Madrid, Ferroglobe’s Executive Chairman, commented, “The structural changes we have made to these Board committees will greatly enhance our corporate governance. The new Nominations and Governance Committee, as well as the Compensation Committee, will be comprised of completely independent members, reflecting best industry practices. Our Audit Committee remains fully independent. We believe these changes reinforce our commitment to high standards of transparency, accountability, and independence in our decision-making.
“We believe that each of these changes will strengthen our corporate governance framework and contribute to the long-term success of our company. Our Board remains dedicated to creating value for our shareholders and ensuring that our corporate governance practices reflect the interests of all stakeholders,” concluded Mr. López Madrid.
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