Vedanta Resources PLC Vedanta Resources 2017 AGM - Chairman's Statement (9728N)
August 14 2017 - 12:28PM
UK Regulatory
TIDMVED
RNS Number : 9728N
Vedanta Resources PLC
14 August 2017
VEDANTA RESOURCES plc
2017 ANNUAL GENERAL MEETING
MONDAY, 14 AUGUST 2017 AT 3:00 PM
LINCOLN CENTRE, 18 LINCOLN'S INN FIELDS, LONDON WC2A 3ED
CHAIRMAN'S INTRODUCTION
Good afternoon ladies and gentlemen, I am delighted to welcome
you all to the 2017 Annual General Meeting of the Company.
During the financial year 2016 the company remained focused in
challenging market conditions.
It is therefore a pleasure for me to report that financial year
2017 was a story of price recovery and exciting potential. Since
founding the company, I have always said that our focus is on
building a diversified natural resources company that creates
wealth to ultimately support economic progress for communities.
We are now the sixth largest, and fastest growing, diversified
resources company in the world. And with a strong operational
performance and supportive market environment, I am proud to report
we continue to deliver encouraging numbers. Since our IPO in 2003,
we have returned over US$2 billion to all shareholders and
generated a total shareholder return of over 130%.
During the year, Cairn India merged with Vedanta Limited,
further simplifying the Group structure. With commodity markets
turning positive, I look to the future with confidence due to our
portfolio of world class, low cost assets.
India and Africa, our key markets, present an exceptional
potential for further growth. Vedanta offers a unique opportunity
to invest in India's growth story. Whilst other companies look to
China or the rest of Asia, we have a unique advantage that we sell
the majority of our production within India. Being the fastest
growing economy in the world, it is an exciting place to be.
Honourable Prime Minister Modi has spearheaded significant economic
reforms. Steady progress is being made and India is fast becoming
the prime investment destination. The 'Make in India' programme is
set to drive domestic growth by encouraging the development of the
manufacturing industry, increasing demand for metals and energy.
Vedanta Limited is one of the largest taxpayers in India,
contributing around US$6 billion in FY2017 to the exchequer,
including dividends from subsidiary Hindustan Zinc, to the
Government.
We also have a long-standing presence in Africa, where we have
invested approximately US$4 billion since 2004. I was pleased to
accompany India's Prime Minister on a visit to South Africa last
year as part of his business delegation and it was very encouraging
to see the progress and opportunities in their country.
Safety and sustainability continue to be a personal priority, as
they are across the Group. We are making good progress in our
journey towards Zero Harm, Zero Waste and Zero Discharge. We have
not yet achieved 'zero harm' but we will continue pushing and we
will not be satisfied until we attain it. We will continue working
with the same spirit and enthusiasm to realise our ultimate
goal.
Climate change is one of the biggest challenges of our day. Last
year, Prime Minister Modi committed India to COP 21. We too take
our responsibility to society seriously and will continue
contributing to the communities in which we operate. This year we
invested a total of US$18 million on social projects, benefitting
over 2 million people.
I strongly believe that the empowerment of women and the
development of our young children are fundamental to any modern,
progressive society. I am personally involved in our Nand Ghar
project, which consists of modern welfare centres, providing
pre-primary education and nutrition for children and education for
rural women of India. We have already built 100 centres and plan to
roll out around 4,000 Nand Ghars across India by 2019.
In July, we held our third annual Sustainable Development Day in
London, which saw its highest attendance to date. I am pleased to
see the positive results of our ongoing open dialogue with NGOs,
governments and indeed all of our stakeholders.
On behalf of the Board, I would like to thank all our employees
for the immense contribution they have all made in helping the
company to grow and become even stronger. In particular, I would
like to thank our CEO, Tom for all his hard work and significant
contribution to the Company. As you may know, Tom has made a
decision to rejoin his family in the USA and this will be his last
AGM with us. I wish him all the best in his future projects. I am
leading the search for a successor with the right leadership
qualities and experience to continue the Group's strategy and the
replacement will be announced in due course.
As announced earlier in the year, Euan Macdonald, Non-Executive
Director and Chairman of the Remuneration Committee and
Sustainability Committee, retired from the Board. I would like to
thank Euan for his huge contribution to sustainability at Vedanta.
Katya Zotova, has become the Chair of Sustainability Committee, and
is driving the board's strategy of zero harm and I look forward to
working closely with her.
In line with regulatory guidance, Mr Aman Mehta will retire at
the conclusion of today's AGM and I would like to thank him for his
sound guidance and commitment over the years. Ravi Rajagopal will
take over from Mr Aman Mehta as audit committee chairman. He comes
with a wealth of experience across finance and operational roles in
a FTSE 100 company. Mr Deepak Parekh will replace Mr Aman Mehta as
senior Independent director as announced earlier.
Edward Story has been appointed as a Non-Executive Director and
a member of the Audit Committee with effect from 1 June 2017. His
background and experience in the oil and gas industry will greatly
benefit the Company.
On behalf of the Board and the company, I would like to thank
all of our investors, employees, communities and the governments of
the countries where we operate. Your support is greatly
appreciated. I look forward to continuing to work together, guiding
Vedanta's growth and creating long-term value for all of our
shareholders. All the while we will continue to focus on the
development of our employees and communities where we operate. It
is fair to say, I am looking towards the financial year 2018 with
more confidence than ever.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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