Ferrexpo appoints Genovese board chairman

Ukraine’s largest iron ore pellet exporter Ferrexpo
(FXPO LN) appointed Lucio Genovese, its non-executive director, the chairman of
its board of directors, according to the company’s Aug. 25 release.

Due to Genovese having had various roles with Ferrexpo
and its subsidiaries over the last nine years, he will not be considered an
independent chairman at the time of his appointment.

Steve Lucas, the previous chairman, will retire from
the board and step down from the chairman role as announced on May 28, the release
said, adding that Ferrexpo is currently seeking for two independent
non-executive directors.

Ferrexpo said in its Aug. 5 1H20 financial report that
its CFO Chris Mawe stepped down from his role on the same date and Roman
Palyvoda assumed the role of acting CFO. Palyvoda has been with Ferrexpo since
2008 and served as acting CFO during March-May 2020.

Recall, in May Ferrexpo appointed Jim North,
who has been with the company since 2014, as its acting CEO.

Dmytro Khoroshun: The
appointments of Genovese, North and Palyvoda, all of whom have been with
Ferrexpo for several years, provides for continuity, which is positive but not
necessarily in one crucial aspect: corporate governance.

In particular, Ferrexpo now has to prove that its
board and management serve for the benefit of all stakeholders, including
minority shareholders, and that the multi-year period of corporate governance
scandals has ended. Ferrexpo’s approach to its search for two independent
directors for its board will be indicative of the company’s commitment to
improving its corporate governance practices.