Among the unhappy shareholders firing questions at CEO Cynthia Carroll and chairperson Mark Moody-Stuart at the recent Anglo American annual general meeting (AGM) was none other than Barry Davison - former CEO and chairperson of Anglo Platinum (AngloPlat) and former executive director of Anglo American.
He was given short shrift by both executives, although Anglo spokesperson James Wyatt-Tilby described the exchanges as "polite".
Davison wanted to know the reasons for AngloPlat's poor performance. He cited a drop in output of 559 000 ounces of platinum between 2006 and 2009, as well as a 31% annual rise in costs for the three-year period.
Carroll retorted that AngloPlat had "serially" failed to meet production and cost forecasts for years, and reminded Davison there was a stated production target of 3.5 million oz which was not met when he "was involved".
That target was set by Davison as part of AngloPlat's strategy to grow the overall platinum business and expand its share of the market. He maintained for years that it would be met, despite growing analyst scepticism.
Carroll also pointed out to Davison that AngloPlat met its 2008 production targets despite floods and power problems, and was a safer business for its employees to work in.
It's unprecedented for a retired senior Anglo executive of Davison's stature to quiz current management in such a manner in a public forum like the AGM.
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