KAROON Gas’s longest standing director Stephen Power has retired amid a wider company restructurer which aims to ensure the appropriate size, composition and skills mix to add value for shareholders.
Along with Mr Power’s immediate retirement, the restructure process also includes the appointment of two independent directors.
Karoon has committed to implementing these changes by the 2014 annual general meeting, which will result in an independent majority of Directors on the Board.
Mr Power will remain as a key advisor to the board and a consulting lawyer on the current Australian, Brazilian and Peruivan assets’ farm-out negotiations.
Karoon executive chairman Robert Hosking thanked Mr Power for his valued contribution and nine years of service on the Karoon board.
“Stephen has been Karoon’s legal director, and a critical member of the negotiating and legal teams responsible for transactions worth approximately A$1.5 billion to Karoon,” he said.
“These transactions include the Browse basin farm-out to ConocoPhillips, the Santos basin farm-out to Pacific Rubiales and the most recent Browse basin permits’ divestment to Origin Energy.”
Mr Power’s resignation takes Karoon a step closer to its commitment of implementing an independent board.
“Most importantly, Karoon will not lose Stephen’s legal and commercial experience as he will remain a consulting lawyer and advisor to the board,” Mr Hosking said.