MOD Resources Ltd (ASX: MOD) – an ASX listed company focused on copper exploration and development in the Kalahari copper belt in Botswana, Africa. MOD focus was on progressing their flagship T3 Copper project which has ultimately resulted in corporate activity from Sandfire Resources Ltd (ASX: SFR) seeking to acquire them via a Scheme of Arrangement, valuing MOD at in excess of AUD$160m.
MOD first engaged Checkside in 2016 to recruit a Chief Financial Officer to help meet the growing financial demands that come with a resource explorer and an aspirational development plan for its first mine in Botswana. On the back of our successful initial CFO project, our executive search projects expanded to the following roles and critical functions:
- Non-Executive Director roles as the board capability and composition evolved
- Senior Financial Controller
- General Manager Operations – Botswana
- Study Manager
- Investor Relations Manager
Our engagement with MOD grew exponentially in 2018 as the business began to expand and the T3 project gathered significant momentum. Over a 24 month period we helped develop a people and performance framework to manage the growth in headcount and drive high performance as the team and business grows. This included the following elements:
- Strategy – generation of a Strategy on a Page (SoaP) to clearly capture and communicate the corporate strategy and enable the broader business to connect with the critical drivers and objectives.
- Workforce planning – full workforce plan developed alongside the feasibility study process
- Purpose and values – defining the core purpose and values of the business and the behaviours and standards to help drive accountability
- Driving performance – setting the right KPIs and ensuring they are simple, important and measurable (SIM). Creating the right meeting cadence to ensure feedback is delivered and objectives are adjusted accordingly.
- Remuneration strategy – setting the remuneration strategy and policy, addressing a remuneration strike in 2018 and communicating the actions taken to address concerns. Also establishing appropriate incentive plans and structures to drive the right behaviours and help achieve corporate objectives.
- Board capability assessment – board capability assessment undertaken to underpin succession planning at the board level
- Leveraging technology – selection and implementation of an appropriate cloud based platform to manage online performance reviews and drive engagement and feedback
- Managing risk – advising on the development of template policies and contracts to help standardise agreements and establish risk management frameworks
Our engagement with MOD assisted the company through a significant growth curve and helped to position it well to deliver a valuable outcome for shareholders.