The Angolan diamond mining company Catoca Ltd Mining Co, a joint venture of the Russian diamond miner ALROSA and Angola's state-run diamond mining company Endiama reported that they have taken significant steps toward improving the quality of Catoca's corporate governance.
A number of new entities will be established: The Supervisory and Fiscal Councils will control, approve and finalize contracts. The Supervisory Board will also have the right to approve Executive Directors. The roles of Catoca's CEO and Deputy CEO will be rotated between officials of the two shareholders in Catoca, while "the Supervisory Board and the management Board of Catoca will observe the principle of parity representation."
"Catoca will conduct its operations in accordance with the best and internationally recognized corporate governance practices. This will definitely improve the quality of work on current and future projects, including the Luaxe project, will make it more transparent and efficient," commented ALROSA's CEO Sergey Ivanov during a recent visit to Angola.
Ivanov and Deputy CEO Vladimir Marchenko also visited the diamond-rich Lunda Sul province and discussed the development of the Luaxe project with Daniel Neto, Lunda Sul's Governor.