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FREEPORT-MCMORAN INC 8-K Report, Corporate Update (Jun 26, 2013)

Filed June 26, 2013For Securities:FCX

Summary

Freeport-McMoRan Inc. (FCX) announced on June 26, 2013, a significant governance enhancement with the creation of the Lead Independent Director position and the appointment of Gerald J. Ford to this role, effective June 25, 2013. Mr. Ford, a long-standing board member since 2000 and a current member of the Audit and Nominating and Corporate Governance Committees, will assume key responsibilities aimed at strengthening independent oversight and communication between non-management directors and the Chairman. This move signals a commitment by FCX to bolster its corporate governance structure, a factor often scrutinized by investors. The Lead Independent Director will preside over executive sessions of non-management directors, approve board agendas and schedules, and act as a liaison between the Chairman and independent directors. Furthermore, the role includes being available for consultation and direct communication with significant shareholders, indicating a proactive approach to shareholder engagement.

Key Highlights

  • 1Freeport-McMoRan Inc. (FCX) created a new Lead Independent Director position.
  • 2Gerald J. Ford was appointed as the first Lead Independent Director, effective June 25, 2013.
  • 3Mr. Ford has been a director of FCX since 2000.
  • 4Key responsibilities of the Lead Independent Director include presiding over non-management director sessions and acting as a liaison.
  • 5The Lead Independent Director will approve board meeting agendas and schedules.
  • 6The role includes availability for consultation and direct communication with significant shareholders.
  • 7This appointment is intended to enhance corporate governance and independent board oversight.

Frequently Asked Questions

The creation of the Lead Independent Director role and the appointment of Gerald J. Ford signify an enhancement to FCX's corporate governance. This position is designed to strengthen independent oversight of the board, improve communication among non-management directors, and provide a direct channel for communication with significant shareholders.

The Lead Independent Director will preside over executive sessions of non-management directors, serve as a liaison between the Chairman and non-management directors, approve board meeting agendas and schedules, and have the authority to call meetings of non-management directors. They will also be available for consultation and direct communication with significant shareholders upon request.

Gerald J. Ford will continue to serve on the Audit and Nominating and Corporate Governance Committees of FCX's Board of Directors in addition to his new role as Lead Independent Director.

The appointment of Gerald J. Ford as Lead Independent Director was effective June 25, 2013.