Smallwood founded the world's largest precious metals streaming company, Wheaton Precious Metals, and has received recognition in 2015 with the British Columbia Institute of Technology Distinguished Alumni Award. In 2019, he received Business in Vancouver's BC CEO of the Year Award in the enterprise category.

Smallwood was appointed WPM president in 2010 and CEO in 2011. Smallwood is also the chairman of the board for Special Olympics BC, a member of the board of Minerals Ed BC, and previously served on the board of the BC Cancer Foundation.

"There is no better industry body to advocate the case for gold than the WGC, who has worked tirelessly to grow gold's recognition as an essential allocation within any investment portfolio, while at the same time nurturing the more traditional demand segments," he said.

"The WGC is well-positioned to continue leading on landmark initiatives that support our industry, such as the development of the Responsible Gold Mining Principles."

WGC CEO David Tait said Smallwood had been a valuable member of the board for many years and brought a wealth of knowledge and industry experience.

"Randy is widely known and highly respected across the mining industry, which I believe will greatly help us in our endeavours to explain the important role that gold plays in today's societies and the importance of gold as an asset class. I am very much looking forward to working closely with him as our new chair," said Tait.