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Newcrest Mining Limited - Newcrest Announces Independent Advisor To Review Disclosure Practices

Stocks in this article: NM

MELBOURNE, Victoria, June 25, 2013 /CNW/ - The Board of Newcrest Mining Limited today announced the appointment of former Australian Securities Exchange Chairman, Dr Maurice Newman AC, to conduct an independent review of the Company's disclosure and Investor Relations practices.

Newcrest Chairman, Don Mercer, said the Newcrest Board was deeply concerned about the criticism of the Company, as reported in the media, regarding its interaction with the market and disclosure prior to the Company's market release on 7 June 2013.

"Newcrest takes its disclosure obligations extremely seriously. Whilst the Board is already reviewing events leading up to 7 June 2013, we have decided to obtain an independent perspective," Mr Mercer said.

"Dr Newman is eminently qualified to conduct the independent review for the Newcrest Board.  His career spans 40 years in stockbroking and investment banking, both in senior executive and directorial roles.  He has been Chairman of the Australian Securities Exchange (ASX) and the Australian Broadcasting Corporation, and has been an advisor to Australian State and Federal Governments.  The full resources of the Company will be made available to Dr Newman so that he is able to conduct a full and thorough review. We look forward to receiving Dr Newman's findings and any recommendations he may make."

The independent review will:

  • Review the Company's continuous disclosure and Investor Relations processes and practices;
  • Review compliance with relevant internal Company policies and procedures; and
  • Make recommendations in relation to any improvements or changes that might be required to address any issues identified.

Dr Newman will target providing his report to the Board as soon as practically possible.

"The Board will consider all findings and recommendations of the review.  If steps are required to be taken as a result of the review of these matters, the Board will ensure that this occurs without delay.  I intend to report publicly on any resulting actions we decide are necessary," Mr Mercer said.

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