Glencore names former Anglo American chief Cynthia Carroll to board

Glencore has added a third female director to its nine-strong board with the appointment of former Anglo American chief executive Cynthia Carroll as a non-executive director. 

UK companies have faced pressure from big investors to meet the targets of a government backed view that women should account for a third of the membership of boards and senior leadership teams by the end of 2020.

Ms Carroll’s appointment comes as London-listed Glencore’s long-serving chief executive Ivan Glasenberg prepares to retire after two decades in charge of the Swiss-based mining and commodity trading group. He will be replaced this year by Gary Nagle, the 45-year-old head of its coal business.

“The directors are very pleased to welcome Cynthia Carroll to our board,” said Glencore chairman Tony Hayward. “She has extensive knowledge of the resources industry as well as strong non-executive director experience. We look forward to benefiting from her insights and contribution to our board.”

Ms Carroll was the first non-South African and first female chief executive of Anglo when she was appointed in 2007 with a mandate to drive through change in a company renowned at the time for its conservatism.

Although she improved safety at Anglo her tenure was overshadowed by a series of perceived missteps that angered shareholders, including a cost overrun at the Minas Rio iron ore mine in Brazil. 

Ms Carroll stepped down as Anglo’s chief executive in 2013 and later joined Vedanta Resources, the Indian-focused mining group. She has spoken of the need for change in the industry, saying companies need to do more to push gender diversity.

“It’s a very, very conservative industry and it needs to change,” Ms Carroll said during an interview at Singapore Iron Ore Week in 2019. “They have got to be casting their net more broadly, and they’ve got to be looking at women.”

Twice weekly newsletter

Energy is the world’s indispensable business and Energy Source is its newsletter. Every Tuesday and Thursday, direct to your inbox, Energy Source brings you essential news, forward-thinking analysis and insider intelligence. Sign up here.

Mining is one of the worst-performing industries when it comes to the hiring of women, especially at senior management level. 

Rio Tinto had more men called Simon on its board than women until a flurry of appointments last year. Not one of the mining companies in the FTSE 350 index is led by a woman.

BHP, the world’s biggest miner, has set an “aspirational” target of achieving a 50-50 gender balance by 2025 across the company, and women now make up more than a quarter of its 31,500-strong workforce. At Glencore the figure is 16 per cent, according to its 2019 annual report.

As well as the departure of Mr Glasenberg, Glencore is looking for a new chairman to replace Mr Hayward, a former BP chief executive, who cannot continue in his role much longer under the UK corporate governance code.

Mr Glasenberg, who owns more than 9 per cent of Glencore, has said he has no intention of becoming the company’s next chairman.