Change of Chairman at Gemfields
Gemfields announces that Mr Brian Gilbertson will step down as the Chairman and as a director of the Company with effect from 25 November 2019. Mr Martin Tolcher, who has served on the Board since 25 November 2008, will take over as Chairman of the Company.
This development and its timing stem from Gemfields’ ongoing work toward obtaining a dual listing on the London Stock Exchange’s AIM market. This ongoing process has highlighted the father‐and‐son relationship between Mr Brian Gilbertson and Mr Sean Gilbertson ‐ the present Chairman and CEO of Gemfields respectively ‐ as a potential impediment to robust corporate governance. By stepping down from the Board, the issue is obviated.
Mr Brian Gilbertson will resign from all other Gemfields subsidiary directorships but will retain non‐executive directorships of Fabergé Limited and Nairoto Resources Limitada, the latter housing Gemfields’ recently announced gold exploration project in Mozambique. In accordance with the King IV Code, and given Mr Tolcher’s tenure on the Board for more than nine years, the Board has reviewed his independence and is satisfied that his classification as an independent director remains valid.
Outgoing Chairman Brian Gilbertson, said: “Serving on the Board for more than 12 years has been a privilege and a pleasure as successive management teams have grown the Company from a single defunct mining pit into the world’s leading supplier of coloured gemstones. Gemfields today is in a sound financial position with a clear strategy to unlock value for shareholders as a ‘pure‐play’ African coloured gemstone producer.
I thank my fellow directors, past and present, and the teams of our portfolio companies, for their hard work and significant contributions during my tenure as chairman. I leave the Board in Martin’s experienced hands, knowing that he is intimately acquainted with the Company through his role hitherto as Chairman of the Audit Committee, as a member of the Nomination and Remuneration Committees, and as an active participant in Board discussions generally. I wish Martin, the Company and the Gemfields team every future success as they continue our pursuit of becoming the De Beers of coloured gemstones”.
Chairman‐elect, Mr Tolcher, said: “It is a privilege to succeed Brian ‐ one of the most highly regarded veterans of the mining industry ‐ as chairman of Gemfields. I am determined to assist the creation of long‐term value for our shareholders and will make every effort, in collaboration with the Board and management, to achieve this.”
