The Board comprises 10 Directors with a broad and complementary set of technical skills, educational and professional experience, nationalities, personalities, cultures and perspectives.
Board roles and responsibilities
|Senior Independent Director|
Andrónico Luksic C
|Independent Non-Executive Directors|
More information is provided on the Board page
1. The Group’s CEO, Iván Arriagada, is not a Director, which reflects law and practice in Chile. Despite this, interaction between the Board and executive management is as expected between Non-Executive Directors and management in a typical UK-listed company. The Board considers that there are considerable benefits associated with having a Board comprising exclusively Non-Executive Directors. Not only does it provide a broad range of perspectives, but it also encourages robust debate with, and independent oversight of, the Group’s executive management. This is consistent with practice in Chile where local law prohibits CEOs of listed companies from being directors of those companies. The CEO and CFO are invited to attend all Board meetings, the CEO is also invited to attend all Board Committee meetings and there is regular formal and informal dialogue between management and the Board.
2. The Board has carefully considered the independence of all Directors and is satisfied that Ollie Oliveira continues to be independent notwithstanding that the ninth anniversary of his appointment was in October 2020. The factors taken into account by the Board in reaching this conclusion are set out on page 114 of the Annual Report 2020.
3. Ramón Jara provides advisory services to the Group. Andrónico Luksic C is the brother of Jean-Paul Luksic, the Chairman of the Company, and is Chairman of Quiñenco SA and Chairman or Director of Quiñenco’s other listed subsidiaries. Jean-Paul Luksic is also a Non-Executive Director of Quiñenco and some of its listed subsidiaries. Like Antofagasta plc, Quiñenco is controlled by a foundation in which members of the Luksic family are interested. Ramón Jara and Juan Claro have served on the Board for more than nine years from the date of their first election.