World Gold Council Governance
The World Gold Council is governed by our Board of Directors, comprised of member company representatives (Chairperson or Chief Executive Officer) and the World Gold Council’s Chief Executive Officer. The Board has a fiduciary responsibility to all Members in ensuring that the World Gold Council fulfills its mission and objectives.
The Board has established four committees: Administration, Audit, Compensation and Governance and Nominations. For more information on their respective responsibilities, please see below.
The Administration Committee’s role is to advise the Board on business and financial plans developed by World Gold Council’s management as well as setting and assessing performance objectives. The committee is led by the Chair of the World Gold Council and includes the Vice Chair of World Gold Council and Chairs of the Audit, Compensation and Governance & Nomination Committees.
The Audit Committee assists the Board with responsibilities around financial reporting, systems and controls and processes for identifying, measuring and managing risk.
The Compensation Committee oversees compensation frameworks for World Gold Council employees. No employee plays a part in any discussion about their own remuneration.
The Nominations & Governance Committee is responsible for ensuring that Board governance processes are adhered to and spearheads the nomination process for selecting the Board Chair and Committee members.
Chairs of Board Committees
Neil Froneman
Board Chair and Chair, Administration Committee
Tom Palmer
Board Vice-Chair
Ammar Al-Joundi
Chair, Nominations & Governance Committee
Shaun Usmar
Chair, Audit Committee
Paul Brink
Chair, Compensation Committee
Additionally, the World Gold Council, through its US subsidiaries, operates as the sponsor of gold-backed ETF products including GLD®[1]. Each subsidiary company has its own Board of Directors, comprised of the Chief Executive Officer of the World Gold Council and three independent directors These Boards oversee the legal and regulatory responsibilities of the products.
1The reference to GLD is for informational purposes only. Consult your advisor and the prospectus before investing http://www.spdrgoldshares.com
