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Essar Oil appoints corporate governance expert Tony Fountain to board

He will chair board's health, safety, security and environment committee and be a member of another one

Tony Fountain

Tony Fountain

BS Reporter Mumbai

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Essar Oil (UK) has appointed Tony Fountain, managing partner at Essar Energy Transition (EET), as a non-executive board director.

Fountain’s appointment, effective Monday, comes at a time as Essar works on its investment plan to become a low-carbon refinery. Tony’s appointment will support EET’s ambition to lead the UK’s energy transition and invest $3.6 billion in developing low-carbon energy transition projects in the next five years. Of these investments, $2.4 billion will be at the Essar site in Ellesmere Port, between Liverpool and Manchester.

Fountain started his career at BP and he later worked as the chief executive officer (CEO) of refining and marketing at Reliance Industries. This was followed by a period as the CEO of the UK Nuclear Decommissioning Authority.

He went on to apply his experience in operations, regulation, health and safety in a range of board positions, assisting companies operating in complex environments in more than three continents. This includes roles as Chair of Sellafield UK and of Nayara Energy and as a non-Executive Director at ATCO Group.

The appointment marks another step by Essar in strengthening its corporate governance framework, said the company in a statement. As well as supporting the Essar board and business in corporate governance, Fountain will chair the board’s health, safety, security and environment committee and be a member of the audit and risk, and remuneration, diversity and nomination committees.

“We would like to welcome Tony to Essar’s board. He brings over 40 years of operational, regulatory and executive experience that will enhance our business at this vital stage in our transition. We are committed to leading the energy transition and Tony’s appointment will play a crucial role in achieving this ambition," said Prashant Ruia, non-executive chair of the Essar board.

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First Published: Apr 18 2023 | 6:43 PM IST

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