Australia: Beach names new non-executive director

Australia Beach names new non-executive director
Image courtesy of Beach Energy

Beach Energy of Australia appointed Richard Richards, the chief financial officer of Seven Group Holdings, as a non‐executive director of the company.

Richards is a nominee of Seven Group Holdings and related corporations who collectively have a relevant interest in 22.89 percent of the shares of Beach Energy.

Beach Energy added in its statement that further arrangements have been made with Seven Group Holdings to address potential conflicts of interest.

In addition, if Seven Group Holdings’ interest in Beach falls below 12.5 percent, Richards would have to resign from his position upon Beach Energy’s request.

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