Amerisur Resources Plc ("Amerisur" or the "Company"), the oil and gas producer and explorer focused on South America, announces the retirement from the Board of executive Directors Victor Valdovinos and George Woodcock effective from 31st March 2017.
Giles Clarke, Chairman of Amerisur commented:
"I would like to thank Victor and George for their significant contribution to the growth of Amerisur."
In addition, as part of an external board evaluation and succession planning process, the Board has appointed a leading executive search firm to source two additional independent non-executive Directors: one with significant City experience; and one with considerable oil industry experience. This process is being overseen by Christopher (Chris) Jenkins, an independent non-executive Director, who has been appointed to the Nomination Committee. A further update will be made as to progress in due course, and the activities of the search firm and Nomination Committee will be reported upon within the next Annual Report, as per The UK Corporate Governance Code (the 'Code') Provision B.2.4.
Following the changes, the Board of Amerisur will have two executive Directors, a Chairman and six non-executive Director members, which will see the Board exceed the expected level of independent director representation for an AIM listed company. The ongoing Board refreshment is intended to maintain an appropriate balance of skills and experience as suggested by Principle B.2 of the Code, something shareholders have encouraged.
In addition, the Company's Remuneration Committee is conducting a complete review of the Company's remuneration policy and practices with the support of a respected third party remuneration consultancy. The Remuneration Committee does not intend to make any option awards in 2017 except to a select number of Colombia based personnel, and the Chairman has indicated that he wishes no longer to receive options in the Company. In addition, as a commitment to ongoing transparency for shareholders, the Board confirms that it will again be voluntarily submitting the Remuneration Report to a shareholder vote at the AGM to be held in May.