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Bernardo Fontaine leads his first board at Codelco, focusing on maximizing contributions to the State without increasing debt
Codelco's board of directors held its first meeting, chaired by its new president, Bernardo Fontaine. The meeting emphasized the company's fundamental role for the country and the need to act responsibly and with a long-term vision at a time considered challenging.
Santiago, May 28, 2026.- The session also included the new directors appointed by the President of the Republic: Luz Granier, Alejandro Canut de Bon and Daniel Díaz, the latter representing the Federation of Copper Workers.
At the start of the meeting, Fontaine expressed his gratitude for the opportunity to contribute to Chile as Chairman of the Board of Codelco, a company essential to the country. “This board will work with executives, employees, and contractors to strengthen Codelco and restore trust,” he added.
In his speech, he stressed that "our mandate is not to produce for the sake of producing, but to do so in a safe, efficient and profitable manner."
Along those same lines, the board agreed on four strategic pillars:
- Safety and more safety. A Safety Committee was formed at El Teniente, comprised of Eduardo Bitrán, Ricardo Álvarez, and Alejandro Canut de Bon, which will monitor matters related to the accident of July 31, 2025. Additionally, the Sustainability Committee will be renamed the Safety and Sustainability Committee.
- Maximize contributions to the Treasury while avoiding increasing debt. Codelco belongs to the State, and its management requires rigorous safeguarding of public resources.
- To get the house in order with a firm hand and transparency. For this purpose, the board of directors tasked the Audit, Compensation and Ethics Committee (CACE) with contracting and conducting an external forensic audit to address the calculation of 2024-2025 production and the costs involved in the renovation of the Head Office building.
- Operational, economic, environmental and social sustainability.
During the session, Bernardo Fontaine and Luz Granier were appointed as Codelco's representatives on the board of directors of Novandino, joining Alfredo Moreno.
Finally, the board emphasized the need to strengthen operational discipline, rigorously review investments, and decisively promote public-private partnerships and new management models to enhance Codelco's capabilities. “We have an enormous responsibility to Chile. We will have to be creative and dare to drive profound changes to build a stronger Codelco, better prepared for long-term challenges. I am convinced we can achieve this, because Codelco can do more,” Fontaine concluded.
Codelco
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