Chemours has completed its planned procedures with respect to an internal review that it first announced on 29 February. This essentially confirmed the details revealed in an interim report on 7 March. More will be published in the compensation discussion and analysis in the proxy statement for the 2024 annual meeting.
The Audit Committee of the Chemours board has delivered a “substantially complete” report of the findings of the internal review it was tasked to complete with regard to the conduct of CEO Mark Newman, CFO Jonathan Lock and principal accounting officer Camela Wisel. All three were put on administrative leave on 29 February pending its completion.
The board of Chemours has put CEO Mark Newman, CFO Jonathan Lock and principal accounting officer Camela Wisel on administrative leave pending the completion of an internal review by independent counsel that the board’s audit committee is overseeing.
During its Q2 results presentation, Chemours announced a decision to close its Kuan Yin TiO2 manufacturing facility in Taiwan (pictured). The firm described this as “part of a comprehensive strategy to improve the earnings quality of TT – producers of the popular Ti-Pure brand – by optimising its manufacturing circuit”.
Chemours, DuPont and Corteva have reached an agreement in principle to resolve all per- and polyfluoroalkyl substance (PFAS)-related drinking water claims of a defined class of public water systems that serve “the vast majority of the US population”. They will pay about $592 million, $400 million and $193 million respectively into a settlement fund by 12 June.
The European Chemicals Agency (ECHA) has published a proposed restriction of around 10,000 per- and polyfluoroalkyl substances (PFAS) on its website. Its scientific committees for Risk Assessment (RAC) and Socio-Economic Analysis (SEAC) will now start evaluating the proposal.
This followed three years of investigations by the national authorities of Denmark, Germany, the Netherlands, Norway and Sweden. In a report submitted to ECHA on 13 January, they concluded that the risks from PFAS are not adequately controlled and should therefore be restricted.
Chemours is to invest $200 million to increase capacity and advance technology for its Nafion brand ion exchange materials at the site in Villers-Saint-Paul, France. The investment is subject to obtaining the necessary permits and licences for construction and operations. It includes ionomers and associated membranes.
