PRESS RELEASE – FOR IMMEDIATE RELEASE
Statement to clarify press reports
31 March 2019
Mr. Craig Dean, Chairman of the Board and CEO of Gerald Group, wishes to clarify a story in the press following comments by Ms. Pat Crepeault, at an industry forum last week. In our view, the report attempted to link the board appointments of Ms. Pat Crepeault and Ms Min Zhang to a controversy criticising the Group for previously holding its annual function at a venue which had been chosen for several years due to its proximity to other industry events being held the same day.
Mr. Dean has always believed the Group will be the best by cultivating a diverse and strong executive and leadership team. Ms. Pat Crepeault and Ms. Min Zhang were appointed to the Board of Gerald Group as part of a Group re-organisation, when certain individuals retired from the Board and based on their professional achievements over extensive tenures of 25 and 19 years, respectively. Ms. Crepeault, was appointed to the Group Board in December 2017 as she holds one of the most senior executive positions in the Group. Ms. Zhang was appointed to the Board in January 2018, as Senior Vice-President and Head of Desk for Copper and Copper Concentrates, the largest performing book of business for Gerald Group. Both Ms. Zhang and Ms. Pat Crepeault are shareholders in the Group. Mr. Dean recommended to the other board members the candidacy of both executives based on their respective roles, seniority, achievements, and shareholdings in the Group. Mr. Dean and the entire board of directors selected each candidate based solely on their individual merits.
Gerald Group strongly believes in diversity and will continue to recruit, develop and retain women at all levels in the organisation. Forty percent of our current workforce is women and growing and there is an equal gender balance at many locations, which the Group continues to work on improving. Gerald’s Head of Iron Ore and Head of Precious Metals desks, and the Group’s CFO North America and Head of Risk, are also women, who have worked at Gerald for many years. Gerald agrees that having quotas forces companies to seek talent and train the best and the brightest. Gerald actively manages compensation levels, to ensure that imbalances do not exist because of gender and everyone earns based on their contribution. While every commodity company is unique, and will have a different gender balance, the Group is proud to be a leader in the industry by having more women in senior roles than our peers.
Ms. Crepeault’s comment that she ‘does not believe in quotas’, was specific to Gerald which has a smaller workforce of 225 trading employees and was made in response to another panellist’s comment that, quotas may be needed at commodity companies whose workforces run into thousands, whereas at smaller, independents, quotas may not be needed.
Last year, Gerald confirmed that it would henceforth hold events at venues that are clearly appropriate. We oblige all guests and staff to abide by our strict codes of conduct, including dress, as they always have done at all our past events.
About Gerald Group
Gerald Group is one of the world’s leading global commodity trading companies offering services as a reliable partner in trade, finance and investment across the global supply chain. Founded in 1962, the Group has helped shape the dynamic of the global non-ferrous and metals trade and has grown to establish trading and representative offices in 18 cities and a presence in forty countries in all regions of the world.
Gerald focuses primarily on the commerce of commodities. Our customers and partners and span the supply chain from mines and producers to distributors and industrial end-users. As a merchant, we add value sourcing and marketing physical commodities across a global network. As a trader, we centralise and opportunistically manage the associated financial and logistical risks. Our core merchant and trading functions are supplemented by strategic investments, joint ventures and structured financing solutions which offer access and opportunity to a diverse portfolio of industrial assets. Gerald Group is privately owned by its employees, led by Craig Dean, Executive Chairman and CEO of the Group and has approximately US$ 3 billion in assets and US$ 10 billion in turnover.