*Puts shareholders in the dark about on-goings on the board
WorldStage– Presco Plc, a major palm oil producer in Nigeria has appointed of François Van Hoydonck as a Non-Executive Director but failed to state who resigned from its nine-man board.
According to the disclosure which Frederick Ichekwai, company secretary, signed and published May 29, the new appointment filled a “casual board vacancy”.
This was the second time this year that Presco would filled a casual vacancy— which the Company and Allied Matters Act (CAMA) describes as a board vacuum due to sudden resignations, deaths, or other emergencies.
Between November 2024 and now, four directors resigned, and one other, a group managing director, Felix Nwabuko, retired in January. Three of the five exits created casual vacancies.
Presco didn’t disclose its board composition in the Quarter 1 unaudited financial statement it filed May 1. It has yet to publish its Nigeria Code of Corporate Governance (NCCG 2018) compliance report for 2025 either, putting shareholders in the dark about the on-goings on the board.
The governance code prescribes a director resigning shall tender his notice of resignation to the board chairman, stating his reason for the action.
How much time a board has in the meantime to shop for a replacement then depends on the circumstances.
“The company is pleased to announce the appointment of François Van Hoydonck as a Non-Executive Director to fill the vacancy,”Ichekwai said.
Hoydonck spent most of his career in SIPEF, becoming the group’s chief financial officer, managing director, and non-executive director of the company. He also served as a director of Jabelmalux SA, following his retirement from SIPEF late 2024.Shareholders will approve his appointment during the next annual general meeting, in line with CAMA’s provisions.
