Maxstead to step away from BHP role
PERTH (miningweekly.com) – Mining major BHP on Tuesday announced that director Lindsay Maxstead would not stand for re-election at the company’s annual general meeting.
BHP told shareholders that the company applied a nine-year tenure guideline as part of its director succession planning.
Maxstead has also brought forward his retirement from lender Westpac, following a money-laundering scandal that arose in November of last year, following a lawsuit by financial intelligence agency AusTrac, alleging that Westpac breached anti-money laundering laws more than 23-million times.
Meanwhile, BHP has announced that director Terry Bowen has been appointed to the board of road operator Transurban Group.
Maxstead is also currently the chairperson and an independent nonexecutive director of Transurban.
BHP noted that with Maxstead stepping down from the diversified miner, there would be a limited period of overlap between both Bowen and Maxstead on the boards of both BHP and Transurban.
Bowen has been appointed as chair of BHP’s Risk and Audit Committee, effective from May 1, while Maxstead will remain as a member of this committee until his retirement from the board at or before the 2020 annual general meeting.
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