KazMunaiGas Exploration Production (Kazakhstan) says independent director Paul Manduca decided to quit Board of Directors
June 8. KASE
Paul Manduca, Independent Non-Executive Director, has notified KazMunaiGas Exploration Production (“KMG EP” or the “Company”) that he will be stepping down from the Board of Directors and Audit Committee at the end of September this year. This decision follows his recent appointment as Chairman of Prudential.
Lyazzat Kiinov, Chairman of KazMunaiGas Exploration & Production, thanked Mr. Manduca for his invaluable contribution to the Board and the Company since the IPO, particularly for his role as Chair of Audit Committee, and wished him success in his new position. Alik Aidarbayev, Chief Executive Officer, noted that Paul Manduca was an integral part of the Company’s success in establishing financial reporting and internal control systems and improving corporate governance and would always be a welcome guest in Kazakhstan.
“I have much enjoyed my five and a half years on the Board. We have created a first class financial reporting system supported by a strong internal control environment. The company has consistently held the highest rating for good governance in Kazakhstan,” said Mr. Manduca.
Mr. Manduca has been an Independent Non-Executive Director since 2006, when KMG EP floated its shares on the London Stock Exchange and Kazakhstan Stock Exchange. Mr. Manduca also has served as a member on Nominations and Remunerations Committees and has participated in the activities of Strategy Planning Committee.
At its next meeting in June 2012 the Board will vote on appointment of Philip Dayer, also Independent Non-Executive Director, as Chairman of Audit Committee. KMG EP will be initiating a search, led by the two remaining Independent Directors Philip Dayer and Edward Walshe, for a new independent non-executive director.