Codelco Faces Change

Chile’s state-run copper mining company Codelco is to be restructured if a bill sent to Congress in March is approved. Chile’s finance ministry outlined the changes in store for the state entity which, it says, will bring greater transparency and management efficiency. One important change is that board members need no longer be ministers. Of the seven board members, who will all serve a three-year term, four will be appointed directly by the President. Two independent members will be appointed by another government department. One seat will remain for a workers’ representative.