DUBAI: Saudi Aramco, the world’s best oil company which is getting ready to go public, stated on Sunday it has appointed new members to its board together with a female govt, a milestone for Saudi Arabia and the oil trade the place there are few women executives.
The appointments, which carry in additional international experience, come as the Saudi government plans to go with the flow around 5 percent of Aramco in an initial public providing (IPO) - the world’s biggest - later this 12 months or early 2019.
Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri had been appointed as members of the board of directors, Aramco stated in a commentary.
They are joined via Lynn Laverty Elsenhans, the former chairwoman, president and CEO of U.S. oil refiner Sunoco from 2008 to 2012.
Other new members also include Peter Cella, former president & CEO of Chevron Phillips Chemical Co. LP, and Andrew Liveris, director of DowDuPont Inc, and the CEO of the Dow Chemical Company. Liveris’s appointment is valuable as of July 1, Aramco stated.
The five new members of Aramco’s board will sign up for six returning members together with Saudi Energy Minister Khalid al-Falih, who could also be Aramco’s chairman, and Amin Nasser, Aramco’s CEO. Minister of State Ibrahim al-Assaf and Managing Director of the government-owned Public Investment Fund (PIF) Yasir al-Rumayyan also remain at the board.
The outgoing board members are Majid Al-Moneef, marketing consultant to the Saudi Royal Court; Khaled al-Sultan, Rector of King Fahd University of Petroleum and Minerals; and Peter Woicke, former managing director of the World Bank and previous vice president of the International Finance Corporation.
Appointment choices to the brand new 11-member board of directors are made via the Saudi government.
FIRST WOMAN ON BOARD
Elsenhans was named via Forbes as one of the world’s most robust women in 2008. Prior to her role at Sunoco, Elsenhans was the manager vice president of global production for Royal Dutch Shell, the place she labored for greater than 28 years.
She also served on Baker Hughes’s board of directors from 2012 to July 2017 and sits at the board of GlaxoSmithKline.
Only a handful of Saudi women are appointed to the board of primary Saudi corporations but that is slowly changing in the conservative kingdom, the place women are topic to a male guardianship gadget which in many instances restricts their alternatives to work.
Last 12 months, the Saudi Stock Exchange appointed Sarah Al-Suhaimi, as its first feminine chair. She was the primary girl to chair a major government financial institution in the kingdom.
In 2004, Lubna Olayan become the primary girl to be elected to the board of Saudi Hollandi Bank, now referred to as Alawwal Bank 1040.SE. In 2006, Lubna was considered one of 4 new appointments via PIF to the board of Ma’aden 1211.SE, the Gulf’s biggest miner.
The Olayan circle of relatives controls considered one of Saudi Arabia’s biggest conglomerates.
The appointments, which carry in additional international experience, come as the Saudi government plans to go with the flow around 5 percent of Aramco in an initial public providing (IPO) - the world’s biggest - later this 12 months or early 2019.
Saudi Arabian Minister of Finance Mohammed al-Jadaan and Minister of Economy and Planning Mohammed al-Tuwaijri had been appointed as members of the board of directors, Aramco stated in a commentary.
They are joined via Lynn Laverty Elsenhans, the former chairwoman, president and CEO of U.S. oil refiner Sunoco from 2008 to 2012.
Other new members also include Peter Cella, former president & CEO of Chevron Phillips Chemical Co. LP, and Andrew Liveris, director of DowDuPont Inc, and the CEO of the Dow Chemical Company. Liveris’s appointment is valuable as of July 1, Aramco stated.
The five new members of Aramco’s board will sign up for six returning members together with Saudi Energy Minister Khalid al-Falih, who could also be Aramco’s chairman, and Amin Nasser, Aramco’s CEO. Minister of State Ibrahim al-Assaf and Managing Director of the government-owned Public Investment Fund (PIF) Yasir al-Rumayyan also remain at the board.
The outgoing board members are Majid Al-Moneef, marketing consultant to the Saudi Royal Court; Khaled al-Sultan, Rector of King Fahd University of Petroleum and Minerals; and Peter Woicke, former managing director of the World Bank and previous vice president of the International Finance Corporation.
Appointment choices to the brand new 11-member board of directors are made via the Saudi government.
FIRST WOMAN ON BOARD
Elsenhans was named via Forbes as one of the world’s most robust women in 2008. Prior to her role at Sunoco, Elsenhans was the manager vice president of global production for Royal Dutch Shell, the place she labored for greater than 28 years.
She also served on Baker Hughes’s board of directors from 2012 to July 2017 and sits at the board of GlaxoSmithKline.
Only a handful of Saudi women are appointed to the board of primary Saudi corporations but that is slowly changing in the conservative kingdom, the place women are topic to a male guardianship gadget which in many instances restricts their alternatives to work.
Last 12 months, the Saudi Stock Exchange appointed Sarah Al-Suhaimi, as its first feminine chair. She was the primary girl to chair a major government financial institution in the kingdom.
In 2004, Lubna Olayan become the primary girl to be elected to the board of Saudi Hollandi Bank, now referred to as Alawwal Bank 1040.SE. In 2006, Lubna was considered one of 4 new appointments via PIF to the board of Ma’aden 1211.SE, the Gulf’s biggest miner.
The Olayan circle of relatives controls considered one of Saudi Arabia’s biggest conglomerates.
Saudi Aramco appoints first woman to the board
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May 01, 2018
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