West Perth-based diamond explorer Paramount Mining Corporation Ltd has appointed Solco Ltd chairman Steven Cole as its new non-execuitve chairman.
West Perth-based diamond explorer Paramount Mining Corporation Ltd has appointed Solco Ltd chairman Steven Cole as its new non-execuitve chairman.
Mr Cole will join former chairman and now managing director and chief executive Maureen Muggeridge, and non-executive directors Bram Janse and Charles Devenish, on the board.
Mr Cole has 35 years of professional, corporate and business experience through senior legal consultancy, as well as a range of executive management and non-executive appointments.
Since leaving leading national law firm, Allens Arthur Robinson in July 2007, Mr Cole's continuing appointments include chairman of sustainable energy company Solco Ltd, deputy chairman of the national statutory Professional Standards Councils, vice president Australian Institute of Company Directors (WA Division), deputy chairman of aged and disability NFP care provider, Brightwater Care Group Inc, and chairman of two private investment companies with over $20 million under investment.
Mr Cole said he was looking forward to the prospect of actively contributing to the growth and development of Paramount Mining as it continued its mission from diamond exploration to a producer of quality gems.
Paramount founder Ms Muggeridge said 2008 would be a significant year of opportunity and growth for the company, as the potential of its tenement holding has been revealed through ongoing field work and analysis.
The board of Paramount Mining has also determined to review the maximum aggregate non-executive director remuneration and its structure.
At a future EGM of the company to be held in 2008, shareholders will be invited to consider and, if thought fit, to approve such reviewed and restructured remuneration base.
The company notes that the present aggregate maximum remuneration base for all its non-executive directors is only $30,000.
The company believes there is a need to fairly and appropriately reward and incentivise its directors, especially when extra exertion and commitment is to be expected of them during 2008 over and above their standard roles and responsibilities.
