Brisbane, Australia (ABN Newswire) – North American lithium producer Sayona Mining Limited (ASX:SYA) (FRA:DML) (OTCMKTS:SYAXF) is undergoing a corporate governance overhaul, with plans to appoint new independent non-executive directors. recruit, including an independent chairman. The company will also establish key governance committees and review the remuneration of its board of directors and executive staff to ensure that corporate governance practices are consistent with the leading practices of S&P/ASX200-listed companies, including gender diversity.
The Board of Directors has appointed international executive search firms Korn Ferry and Canada-based Lacoste Executive Search to conduct a comprehensive global search for suitably qualified independent directors.
Sayona has provided the search firms with details of the skills, experience and other attributes, such as gender diversity, that will support and facilitate oversight of strategy implementation, risk management and long-term value creation for stakeholders.
It is expected that at least two suitably qualified independent directors will be appointed before the Annual General Meeting (AGM) in November. The proposed appointments to Sayona’s Board of Directors will allow for the establishment of two key corporate governance committees – a combined Nomination and Remuneration Committee and an Audit and Risk Committee, following ASX’s best practice corporate governance principles.
Sayona has also appointed a compensation advisor to review compensation practices and performance-based structures to ensure compensation results are consistent with results for shareholders. This includes a review of remuneration for key executives and non-executive directors.
Sayona is confident that these initiatives will ensure that corporate governance structures and practices are aligned with the leading practices of S&P/ASX200 companies and will contribute to long-term value creation. The company’s current board of directors consists of four directors, with longtime and highly experienced non-executive directors James Brown and Allan Buckler, along with general manager and CEO, Brett Lynch and Paul Crawford, executive director and company secretary. On May 26, 2023, the Company announced Mr. Crawford’s intention to step down from the Board of Directors as of June 30, 2023. Mr. Crawford has agreed to remain on the Board of Directors until the appointment of at least one independent director. He will continue as Company Secretary.
Non-Executive Director James Brown commented: “Sayona has grown tremendously over the past two years, rising from a junior explorer to a leading North American producer of lithium and promoted to the benchmark S&P/ASX200 index, with a current market cap of approximately $1.8 billion.
“The Board recognizes the critical importance of strong corporate governance and is confident that the initiatives outlined will facilitate greater transparency, accountability and long-term value creation, consistent with our status as one of Australia’s leading listed mining companies.”
The corporate governance initiatives follow Sayona’s March 2023 start of production of spodumene (lithium) concentrate at its flagship North American Lithium (NAL) facility in Quebec, Canada. A recent study estimated that lithium carbonate production at NAL would increase the value of a fully integrated operation to A$5.4 billion (see ASX release of 21 June 2023).
NAL’s improved potential value adds to the increasing value of the company’s northern lithium hub, centered around the Moblan Lithium Project, where an ambitious drilling program has been established for 2023 and feasibility studies are underway.
About Sayona Mining Limited:
Sayona Mining Limited (ASX:SYA) (OTCMKTS:SYAXF) is an Australian ASX-listed (SYA) company focused on sourcing and developing the raw materials needed to build lithium-ion batteries for use in the fast-growing new and green technology sectors . The company has lithium projects in Quebec, Canada and in Western Australia.
Visit us at www.sayonamining.com.au
Sayona Mining Limited
Brett Lynch Managing Director Phone: +61 (7) 3369 7058 Email: firstname.lastname@example.org