The board of Caledonia Mining (LON:CMCL, TSE:CAL) has accepted the resignation of independent director Richard Patricio, pending the appointment of a replacement.
Patricio tendered his resignation after the company’s annual general meeting in May, when his attempt to get re-elected to the board received only 29.8% of the votes cast; as per the company’s majority voting policy, he was therefore obliged to resign from the board.
Leigh Wilson, chairman of Caledonia, paid tribute to Patricio’s contribution to the company, saying he was a highly effective and hard-working member of the board.
“During his three years of service as an independent director, Richard made a substantial contribution towards re-shaping Caledonia into the highly-focused company which it is today,” Wilson said.
"In order to remain compliant with applicable laws governing the composition of boards of Canadian companies, Caledonia will replace Richard with another Canadian resident. The process of identifying Richard's replacement is well-advanced and we expect that a further announcement will be made shortly,” Wilson revealed.