Lonmin is led and controlled by a Board of Directors, comprising two
executive and eight non-executive directors, who normally meet six times
a year and more frequently if necessary, including two meetings in
South Africa. The Board, led by an independent non-executive Chairman,
Roger Phillimore, is ultimately accountable for corporate performance
and provides the entrepreneurial leadership, direction and control of
Lonmin; is the custodian of Lonmin's strategic aims, vision and values;
and ensures that the necessary financial and human resources are, and
will continue to be, in place to enable Lonmin to meet its objectives.
Whilst all directors have equal responsibility in law for managing
Lonmin's affairs, it is the role of executive management to run the
business within the parameters laid down by the Board to produce clear
and accurate reports to assess their performance.
The executives make
full use of the expertise and experience that the non-executive
directors bring from their business careers. The chairman routinely
holds discussions with non-executive directors without the executive
directors being present. All directors freely express their views, and
may ask that these be recorded in the minutes where appropriate. The
role of the Chief Executive, Ian Farmer, is to provide leadership to the
executive management in running the business.