Egyptian ex-industry minister joins Centamin board

Gold miner Centamin has appointed Egyptian former industry minister Ibrahim Fawzy to its board as an independent nonexecutive director.

Fawzy is an industry, economic, and investment expert, who held the key position of Egypt industry minister from 1993 to 1996. He is a mechanical engineer, obtained his PhD from University College, London. He also previously held public sector positions such as cultural counsellor to the Egyptian Embassy in London and, between 1996 to 2000, president and chief executive of the General Authority for Investment and Free Zones (GAFI).

Currently, Fawzy is the chairperson of the Egyptians Abroad Company for Investment and Development, a listed entity on the Cairo stock exchange, and a director of the subsidiary companies.

Following the appointment, the Centamin board will comprise eight members; three executives and five independent nonexecutives.

This appointment reflects Centamin’s ongoing commitment to achieving the highest standards of corporate governance, the company said.

“Dr Fawzy is a pioneer who has been responsible for driving and developing Egyptian industry reform through the wide range of senior positions he has held over many years. His extensive experience within the public and private sector, will be an excellent complement to the corporate strategy and the strength of our existing balanced, multi-disciplinary board,” commented Centamin chairperson Josef El-Raghy. 

Source: Mining Weekly