Who we are
Since its founding in 1999, Virgin Gold Mining Corporation has grown quickly to become one of the world’s leading gold exploration and mining companies and a young, dynamic organization with a global reach and an international perspective. Based in Panama, an international offshore tax-free jurisdiction, Virgin Gold utilizes various offshore vehicles to facilitate its onshore business operations. This means we are able to generate good revenue and tax-free dividend to our shareholders worldwide.
With approximately 500 employees, Virgin Gold is efficiently managed, whereby everyone in the organization understands its mission, vision and corporate philosophies. Despite our tender age, Virgin Gold is better structured, and more prudently managed and financially viable than its peers, allowing it to optimally exploit any unforeseen volatility in the current financial market.
The executive boards are responsible for running the day-to-day operations of the corporation while the board of directors makes vital decisions and decides on major issues as advised by the various committees. The latter support the Board of Directors in assessing risks, setting remuneration, and monitoring the integrity of the financial statements. Meanwhile, both external and internal auditors collaborate closely to ensure every single operation achieves its objectives, shareholders enjoy maximum benefit and the corporation grows to greater heights.
Virgin Gold currently operates in parts of Africa and South America and is focused on growing shareholder value through joint ventures, acquisitions, exploration and the development of potentially large-scale gold projects.
What we aim
Virgin Gold, as well as being a truly enterprising and ambitious corporation, retains realistic and achievable expectations. Currently a global niche player, our long term vision is to become an industry leader in gold mining, manufacturing and trading sectors.
We aim to achieve this through cooperation, joint ventures, partnerships, acquisitions and exploration across all geographical locations. Virgin Goldaims to raise 3 to 5 billion dollars of working capital through issuing newConvertible Preferred Stocks to the global community within the next few years.
Our corporate mission is to build a sustainable mining business that consistently delivers top earning per share to stockholders while leading in terms of safety, environmental stewardship and corporate responsibility.
While an Initial Public Offering (IPO) is an interesting and lucrative proposal, it is not part of our short term goal. We are currently comfortable as a private corporation because it allows us more room in which to grow and compete. Based in a tax and business friendly offshore jurisdiction, Virgin Gold is better-placed and more flexibly able to invest in many onshore operations than its bigger peers. Our short term goal is to grow this corporation into a global industry leader and return good and consistent dividends to shareholders.
However, going public remains our medium term priority. We foresee ourselves launching an IPO by year 2015 if the environment is conducive. It will be very interesting when this materializes since millions of our private shareholders will hold public listed shares. Virgin Gold Convertible Preferred Stockholders will be able to convert their shares into public traded common shares. The shares to which they currently subscribe with Virgin Gold will potentially appreciate several times over after the IPO.
Our values and principles help us on our journey towards sustainable development. By living according to our definedCorporate Value, we can meet the current needs of our organization and stakeholders, thus protecting, sustaining and enhancing human, natural and financial capital for the future.
The way we interact with our stakeholders is fundamental for our business and our success. We strive to act with integrity, responsibility, fairness, transparency and discretion at all times in order to secure the trust of our stakeholders.
Virgin Gold’s corporate governance complies with internationally accepted standards. We recognize the importance of good corporate governance and know that transparent disclosure of the same helps stakeholders assess the quality of the Group and our management and assists investors in their investment decisions.
Standard & Policies
Virgin Gold’s standards and policies comply with most international laws, international corporate governance requirements and best practice. We maintain the highest standards of corporate governance, ethics and honesty in all our dealings, and operate in compliance with the law wherever we work.
Corporate Governance Guidelines
The Group’s corporate governance policies and procedures are defined in a series of documents governing the company organization and management. The Board of Directors of Virgin Gold has adopted a set of Corporate Governance Guidelines (PDF) aimed at explaining and promoting an understanding of its governance structures. These form the basis of a sound corporate governance framework and refer to other documents that regulate aspects of governance in greater detail.
Terms and Conditions
The “Terms and Conditions” outline every user’s obligations when they use the Virgin Gold website, its applications and Virgin Gold Mining Corporation’s products and services. Any user’s non-compliance with “Terms and Conditions” may result in his/her accounts and privileges been suspended indefinitely. Therefore all potential partners, clients and shareholders of Virgin Gold are requested to carefully understand the “Terms and Conditions” and even take legal advice before signing up. Virgin Gold’s “Terms and Conditions” are carefully established in order to protect the interests of the corporation, clients, partners, shareholders and other members of society in general.
The Board of Directors generally delegates management authority and the power to implement its resolutions to management bodies or executive officers.
Board of Directors
The Board of Directors of Virgin Gold is responsible for the overall direction, supervision and control of the corporation.
Board of Directors of Virgin Gold Mining Corporation
The Committees support the Board of Directors in assessing risks, setting remuneration, and monitoring the integrity of the financial statements.
Virgin Gold adopts a holistic approach to human resources, recognizing that multiple factors — beyond remuneration alone — contribute to employee well-being. Through our “total reward strategy,” we work to balance all the factors contributing to employee satisfaction — including pay and benefits, and career development.
Principles and Objectives
Our approach to remuneration is:
These principles help achieve our objectives to:
Share-based awards are a key feature of our variable remuneration program and are designed to closely align the interests of employees and shareholders. We aim to remunerate employees long-term in line with the market, assuming our performance goals are met. We measure ourselves against our peer group of onshore and offshore exploration and mining companies, which is reviewed annually by management and the Remuneration Committee. The criteria used to define our peer companies for the Group as well as the divisions includes the following:
Only by being an employer of choice can Virgin Gold attract the best and the brightest. We strive to retain talent by making our success and that of our employees a mutual goal. Over the past few years, we have greatly enhanced the career development framework to better assist employees in reaching their full potential. We also work to develop strong leaders, who are prepared to live our values, leverage opportunities, manage challenges, and coach and mentor others.
Auditing forms an integral part of our corporate governance. Both internal and external auditors have key roles to play by providing an independent assessment of the corporation’s operations and internal controls.
The internal audit performs an independent and objective assurance and consulting function that is designed to add value to Virgin Gold’s global operations. Using a systematic and disciplined approach, the Internal Audit team evaluates and enhances the effectiveness of the corporation’s risk management, control and governance processes.
The Internal Audit team is responsible for carrying out periodic audits in line with the auditing regulations approved by the Audit Committee. It regularly and independently assesses the risk exposure of Virgin Gold’s business activities, taking into account industry trends, strategic and organizational decisions, best practice and regulatory matters. Based on the results of its assessment, the Internal Audit team then develops detailed annual audit objectives, defining areas of focus and specifying resource requirements for approval by the Audit Committee.
As part of its efforts to achieve best practice, the Internal Audit team regularly benchmarks its methods and tools against those of its peers. In addition, it submits periodic internal reports and summaries to the management teams as well as to the Chairman of the Board and the Chairman of the Audit Committee. The Chief Auditing Officer reports to the Audit Committee at least quarterly and more frequently as appropriate. The Internal Audit team coordinates its operations with those of the external auditor for maximum effect.
Virgin Gold is structured into three global divisions:
These three global divisions are complemented by Core Services, which provides support in the areas of finance, legal and compliance, risk management, customer service and information technology.