Petra Diamonds, which has operations in South Africa and Tanzania has reduced the number of directors on its board from 10 to seven.
The diamond company said that the changes are minor but an essential part of the continuous cost-cutting initiatives being applied across the group to further ensure flexibility in the event that current market conditions persist.
The sustainability and health and safety committees have been consolidated as part of the new arrangements.
Upon taking effect, Petra said, the fee reductions for the chairperson and non-executive directors will reduce the annualised board fees by a minimum of 25%.
“I believe the changes announced today will result in a lower cost, more efficient and right-sized board which has an appropriate balance of skills and experience," said Petra Diamonds non-executive chairperson Varda Shine.
Mathew Nyaungwa, Editor in Chief of the African Bureau, Rough&Polished
