The World Gold Council is governed by our Board of Directors, which meets four times per year and comprises representatives from our Members and our Chief Executive Officer. Our Chief Financial Officer attends as secretary. Members are represented by either the Chair or the Chief Executive Officer of their respective companies. The Board represents the entire World Gold Council membership and has a fiduciary responsibility to all Members in ensuring that the World Gold Council acts in a manner consistent with its purpose. The election of Directors by Members is governed by our Articles of Association. The Chair of the World Gold Council is David Harquail, Chief Executive Officer of Franco Nevada. The Vice-Chair is Gary Goldberg, Chief Executive Officer of Newmont Mining.
The Board has established four committees:
- an Administration Committee,
- an Audit Committee,
- a Compensation Committee and
- a Governance and Nominations Committee.
The Administration Committee supports the Board on management and organisational issues for the successful operation of the World Gold Council. Its role is to advise the Board on the annual plans and budget prepared by management, and setting and assessing performance objectives. The Chair of the World Gold Council is also the Chair of the Administration Committee. The Committee includes the Chairs of each of the Audit, Compensation and Governance and Nomination Committee. The Chief Executive Officer and the Chief Financial Officer of the World Gold Council attend all Administration Committee meetings.
The Audit Committee’s role is to assist the Board in meeting its responsibilities in the areas of financial reporting, systems and controls and in overseeing the processes by which we identify, measure and manage risk. The Chair of the Audit Committee is David Garofalo, President and CEO of Goldcorp. The Chief Executive Officer and the Chief Financial Officer attend Audit Committee meetings.
The Compensation Committee oversees compensation arrangements for all employees. The Chair of the Compensation Committee is Randy Smallwood, CEO of Wheaton Precious Metals. The Chief Executive Officer attends Compensation Committee meetings; however no employee plays a part in any discussion about their own remuneration.
The Governance & Nomination Committee is responsible for ensuring that Board governance processes are adhered to and oversees the nomination process for selecting the World Gold Council Chair and Committee members. The Chair of the Governance & Nomination Committee is Mick Wilkes, President and CEO of OceanaGold.
The World Gold Council, through its US subsidiaries, operates as sponsor of gold-backed ETF products including GLD®. Each subsidiary company has its own Board of Directors, comprised of the Chief Executive Officer of the World Gold Council and three independent directors: William J. Shea, Rocco Maggiotto and Neal Wolkoff, who have no other affiliation with the World Gold Council. The Boards oversee the legal and regulatory responsibilities of the products.
- The reference to GLD is for informational purposes only. Consult your advisor and the prospectus before investing http://www.spdrgoldshares.com