LONDON Nov 23 Miner ENRC has bolstered
the role of its chairman, Mehmet Dalman, as the former banker
grapples with internal probes, a corporate governance reputation
tainted by boardroom battles and lagging shares.
The London-listed group's board on Friday extended Dalman's
role with immediate effect, handing him a number of executive
functions, though it stopped short of renaming the former
investment banker's position as that of executive chairman.
A source familiar with the matter said last month the
miner's board would consider a proposal to change the current,
part-time, non-executive, chairman's role into an executive
Senior independent director on the board until he took the
chairman's job earlier this year, Dalman has promoted himself as
a "new broom", and has promised investors a simpler, more
transparent structure for the Kazakh group, as well as improved
He has also sought to increase engagement with shareholders,
hoping to revive a share price that has underperformed the
sector by more than 50 percent since January.
According to Friday's announcement, he will be given direct
responsibility for corporate functions including finance, risk,
human resources, legal and compliance, and investor relations.
All of these are crucial for a group which is controlled by
its founders and is pursuing whistleblower-triggered
investigations into its business.
Eurasian Natural Resources Corp Plc (ENRC) has already
completed a probe into allegations of wrongdoing at its Kazakh
business. The results have been presented to UK regulators.
It is still working on a separate probe into its
international business. This is expected to include copper deals
in Congo that have attracted criticism from transparency and
As a result of Friday's change, ENRC's chief executive,
Felix Vulis, will focus on operational issues, from mining to
logistics and exploration.
"It represents an efficient addition and division of labour
between Felix and myself, drawing on my past experience as a
senior executive at a number of leading global institutions,"
Dalman said in a statement.