Aurizon today announced that it is accelerating plans for the development and renewal of its Board.
It has done this as part of an ongoing program to build new capabilities for the Board and to plan for succession in recognition of the growing complexity of the Company’s activities and its potential growth.
Aurizon has had an ongoing program of reviewing these needs, with the latest Board Review completed earlier this month.
To facilitate this accelerated planning, the Board has established a Nomination and Succession Committee, separate from the Remuneration Committee.
It has also appointed an external firm to assist the Board in the renewal and succession process.
Aurizon Chairman Mr John Prescott AC, said “The initial focus of the new Committee will be assessment of the Board’s future requirements in terms of skills and experience, and a suitable timetable for the Board renewal implementation.
This will include planning an orderly transition to a new Chairman.
“This is an important time in Aurizon’s development and I am committed to ensuring the requisite support and stability for the Company during the Board renewal process and the transition to a new Chairman.
“I would expect a new Chairman to be in place by the 2015 Annual General Meeting.”