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ArcelorMittal Updates Composition of Board Committees
06/08/2009 - ArcelorMittal’s Board of Directors updates the composition of its Committees at the Board level, including the creation of a new Risk Committee.
ArcelorMittal’s Board of Directors has updated the composition of its Committees at the Board level, including the creation of a new Risk Committee. The decision follow changes in the composition of the company’s Board of Directors that were initiated at its Annual General Meeting in May 2009.
Chaired by Narayanan Vaghul, ArcelorMittal’s Audit Committee now comprises the chairman as well as José Ramón Álvarez Rendueles, Wilbur L. Ross Jr., and Antoine Spillman.
Chaired by Lewis B. Kaden, ArcelorMittal’s Appointments, Remuneration & Corporate Governance Committee now comprises H.R.H. Prince Guillaume de Luxembourg and Narayanan Vaghul, in addition to the chairman.
The ArcelorMittal Board decided to install a new Risk Committee at Board level in line with recent developments in best practice corporate governance. The new Risk Committee comprises Georges Schmit and Antoine Spillmann.
The new Risk Committee will be responsible for advising the Board of Directors on risk management and ensuring that ArcelorMittal maintains an effective risk management process to support daily management and decision-making.
The newly formed Risk Management Committee will be chaired by Sudhir Maheshwari, member of ArcelorMittal’s Group Management Board. He will represent the management during Risk Committee meetings.
ArcelorMittal is the world's largest steel company, with operations in more than 60 countries. The company leads major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the company covers key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognizes that it has a significant responsibility to tackle the global climate change challenge; it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10% of world steel output.
