Cairn Appointing New Chair

Cairn Energy plc (LON: CNE) has announced that Nicoletta Giadrossi will be appointed chair of the company with effect from January 1, 2021.

Giadrossi will succeed Ian Tyler who, after seven years on the Cairn board, including six as chairman, announced back in May that he would retire from the board on appointment of a successor. Giadrossi’s appointment follows a “thorough and comprehensive” succession process and will enable an effective transition of the leadership of the board, Cairn outlined. The fees payable to Giadrossi in her role as non-executive chair will be $240,000 (GBP 180,000) per annum.

The incoming chair is one of the company’s existing non-executive directors and was first appointed to the board in January 2017. Giadrossi has extensive experience in oil and gas and other energy markets, both in executive and non-executive roles, including wide engagement on environmental, social and governance issues, Cairn highlighted.

In line with UK Corporate Governance Code recommendations, from January 1, 2021 Giadrossi will step down as chair of the remuneration committee and retire as a member of the audit committee. Alison Wood will take over the role of chair of the remuneration committee. Erik Daugbjerg will be appointed a member of the remuneration committee and Catherine Krajicek will be appointed a member of the audit committee.

“I very much look forward to continuing to work with Nicoletta in her new role as chair of the board,” Simon Thomson, the chief executive of Cairn, said in a company statement. 

“She brings a huge breadth of knowledge and experience and will provide important continuity for Cairn as we position the Company for continued growth and success,” he added.

“On behalf of the board, I would also like to thank Ian Tyler for his invaluable contribution as non-executive Chairman of the Company since 2014,” Thomson went on to say.

Cairn describes itself as one of Europe's leading independent oil and gas exploration and development companies. In its latest results statement, the business outlined that it had managed the impact of Covid-19 safely and that oil and gas sales revenue came in at $172 million. Group cash as of June 30 was said to be $84 million, with no drawn debt.

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