Contact Energy Announces Board Changes

Published: 24-Feb-2009

Contact Energy Limited (Contact Energy) has appointed Sue Sheldon and David Baldwin to its board of directors. The company also announced the retirement of Tim Saunders from the company's board, effective June 30, 2009. Baldwin has been appointed as chief executive officer of Contact Energy in May 2006. Sheldon and Baldwin take up their roles on the board from March 16, 2009. Upon appointment, Baldwin will become managing director of the company.

Baldwin is seconded from the company’s majority shareholder, Origin Energy.

The board has determined for the purposes of Listing Rule 3.3.1 that Sue Sheldon is an independent director and Baldwin is not an independent director.

Saunders has been appointed as a foundation director of the company in 1995. From 1998 to 2000 he left the Board to participate in the restructuring of the electricity industry. He was elected to the board of the company as an independent director in 2000.

“We are pleased to welcome Sue Sheldon to the Board as an independent director, after being selected as part of a rigorous succession planning process during 2008. Sue Sheldon is based in Christchurch and has had previous experience as a director of various companies including a major energy company. Sheldon is a chartered accountant and highly regarded professional director, she brings valued skills, experience and perspectives to the board,” said Grant King, chairman of the board.

Grant King acknowledged Saunders’ service to the board. “Tim has made a significant contribution to the company over the course of his directorship. The board is grateful for the role he has played in the governance of Contact during a period of significant growth and change,” he said.

“These changes to the composition of the Contact board are part of an ongoing process of succession planning to ensure that an appropriate mix of skills and experience are available to the Board. These appointments will result in an increase in the size of the Board, which is considered appropriate given the more challenging economic and operating environment which companies now face” said King.

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