Good corporate governance goes beyond the regulatory requirements and extends to the commitment of individual employees to be good corporate citizens. As stated by our chairman and chief executive officer, Lakshmi Mittal, integrity and reputation are key assets that must be preserved at all times.
ArcelorMittal is committed to applying the best-practice standards in corporate governance, in its dealings with shareholders and with respect to transparency and quality of disclosure and reporting. Shareholder rights and investor dialogue are key pillars of our corporate governance framework. In addition, we aim to take the interests of all our stakeholders into account through a corporate responsibility framework and by engaging with all stakeholders on a regular basis. We continually monitor legal requirements and best practices in the United States, the European Union and Luxembourg to make improvements to our corporate governance standards and procedures when necessary.
ArcelorMittal is a public limited liability company (société anonyme) incorporated in Luxembourg. It is governed by a board of directors in accordance with the requirements set out in the company’s articles of association. The board of directors sets the company’s strategy and the implementation of this strategy is delegated to a group of executive officers, headed by the only executive board director, Lakshmi Mittal, our chairman and CEO.
Our board of directors comprises a large majority of independent directors, with 8 independents out of a total of 12 members. To ensure proper checks and balances are in place, a lead independent director – who presides over the independent directors – sets the agenda for board meetings with the chairman and leads the independent directors in executive sessions, which take place before every board meeting. The lead independent director is Mr Lewis B Kaden.
Our appointments, remuneration and corporate governance committee comprises of four directors, all of whom are independent. Our audit and risk committee has five directors, all of whom are independent.
ArcelorMittal aims to maintain a reputation for honesty and integrity in its management practices and business transactions. Our code of business conduct applies to all directors, officers and employees of ArcelorMittal and its subsidiaries worldwide.