ArcelorMittal forms committee for effective risk management

Global steel behemoth ArcelorMittal today said it has constituted a Risk Committee to advise its Board of Directors on "effective" risk managements amid the global economic crisis.     

"The ArcelorMittal Board decided to install a new Risk Committee at Board level in line with recent developments in best practice corporate governance," the world's largest steel maker said in a statement.     

The committee would ensure that ArcelorMittal maintains an effective risk management process to support daily management and decision-making, it said.     

Sudhir Maheshwari, member of ArcelorMittal's Group Management Board, would be the chairman of the newly-formed Group Risk Management Committee, and will represent the management during the committee's meetings, it added.     

In addition to forming the committee for risk management, the L N Mittal-led company has decided to update the composition of its different committees at board level.     

It has appointed Narayanan Vaghul as chairman of the company's audit committee, which would also comprise Jose Ramon Alvarez Rendueles, Wilbur L Ross junior and Antoine Spillman as members.     

The steel giant's appointments, remuneration and corporate governance committee would have Lewis B Kaden as the chairman while KRH Prince Guillaume de Luxembourg and Narayan Vaghul would be the members.