In accordance with the U.K. Corporate Governance Code, the Board of Petra Diamonds Limited has provided a statement regarding voting at its November 2018 AGM.
The Board and Nomination Committee of Petra Diamonds Limited have considered the 22.12% vote recorded against the re-election of Adonis Pouroulis as chairman in the context of its ongoing three-year Succession Plan.
In addition, it has considered the concerns raised by its shareholders.
The Board has reaffirmed its assessment that the Chairman continues to demonstrate the independence of thought and challenge required for his role, notwithstanding the number of years he has served as a Director.
The Board has announced the appointment of Richard Duffy as the new CEO with effect from 1 April 2019, following a process announced in September 2018, as well as the appointment of two new Independent Non-Executive Directors, Bernard Pryor and Varda Shine.
In order to ensure continuity and stability of leadership and management, the appointment of a new Chairman is not considered appropriate at this time.
The situation will remain under review as the Nomination Committee is in the final year of its three-year Succession Plan, and as previously announced, the Committee expects to make further changes to the composition of the Board during this calendar year.