Former Barclays CEO John Varley
PERTH (miningweekly.com) – John Varley has resigned as a nonexecutive director from the board of mining major Rio Tinto after the UK Serious Fraud Office charged Varley and three others with conspiracy to commit fraud.
Two counts of conspiracy to commit fraud by false representation, and one of providing unlawful financial assistance were levelled against Varley.
The charges relate to Varley’s position as the former CEO of Barclays, and that company’s capital raising arrangement with Qatar Holdings and Challenger Universal in 2008.
Varley has resigned from the Rio board with immediate effect, after having joined the board in September 2011. He was also chair of the remuneration committee.
Rio chairperson Jan du Plessis said that the board held Varley in the highest regard.
“Personally, I am not only losing a senior independent director, but a close colleague, whose wisdom and support I am going to miss tremendously. On behalf of the board I wish John the very best for the future,” Du Plessis said.
An announcement about the appointment of a new senior independent director and chair of the remuneration committee will be made in due course.