Statement by Gold Fields Board on BEE transaction
The board of Gold Fields Limited reports the conclusion of its examination into the black economic empowerment transaction related to Gold Fields' South Deep operations
Johannesburg, 22 August 2013. The Board of Directors of Gold Fields Limited reports that it has concluded its examination of the Black Economic Empowerment (BEE) transaction related to Gold Fields’ South Deep operations.
Following extensive deliberations and careful consideration of the matter, which included a comprehensive independent investigation and the receipt of advice from external legal counsel, the Board continues to believe that the BEE transaction is one of lasting benefit to the Company and its BEE stakeholders. However, the Board's examination has highlighted that the implementation of the transaction did not consistently meet the high standards set by Gold Fields.
In particular, the Board has identified areas that require further attention where internal policies and procedures can be strengthened. These include policies and procedures designed to increase transparency and improve the timeliness of internal communications between management and the Board.
The Board has communicated its concerns to the Chief Executive Officer (CEO) and, in recognition of the concerns which have been generated around the BEE transaction relating to South Deep, CEO Nick Holland has offered to waive his bonus in respect of the 2013 financial year end.
The Board continues to have full confidence in Nick and is determined to work with him and the other members of Gold Fields management to design and implement any necessary changes and to ensure that any policies and procedures result in improved oversight and are rigorously followed by Gold Fields management and other employees, as well as by any agents or third parties working onbehalf of Gold Fields.
The Board is pleased that this matter has now been concluded and that the Company can move forward in operating its business for the benefit of all stakeholders.
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