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Msg  12872 of 12986  at  5/26/2020 5:22:59 PM  by

Gillripper


Turquoise holder Sailingstone to vote for minority representation

 

Turquoise Hill Resources Ltd (C-TRQ) - News Release

Turquoise holder to vote for minority representation

2020-05-26 17:19 ET - News Release
Shares issued 2,012,314,469
TRQ Close 2020-05-26 C$ 0.95

An anonymous director of SailingStone Capital reports

SAILINGSTONE CAPITAL SUPPORTS TURQUOISE HILL RESOURCES MINORITY RIGHTS

SailingStone Capital Partners has written an open letter to the shareholders of Turquoise Hill Resources Ltd., informing them of SailingStone's voting intentions at the rescheduled annual and special meeting on July 24, 2020. A copy of the letter can be found on the Sailing Stone website.

In 2019, Turquoise Hill incumbent independent directors received withhold votes from more than 50 per cent of the minority investors which voted, despite the explicit support of ISS and Glass Lewis. Instead of engaging in substantive discussions with their largest minority owners to address legitimate corporate governance concerns, the board chose to hide behind its majority shareholder. The minority owners deserve representation on the board, and, as a result, SailingStone is supportive of and will vote for the independent director nominee Matthew Halbower as well as the proposal to allow minorities to nominate and elect three of the seven directors. Conversely, SailingStone will once again vote withhold for the legacy independent directors given their lack of accountability to and alignment with the minorities.

Separately, managing partner MacKenzie Davis commented: "We are encouraged by the progress being made by chief executive officer Ulf Quellmann to expand the management team's capabilities and to improve alignment with all stakeholders. In addition, the executive compensation framework continues to evolve towards a more shareholder friendly plan." SailingStone therefore will vote for Mr. Quellmann, newly appointed director George R. Burns and the advisory say-on-pay proposal.

While the market rightly remains focused on the derisked mine plan, and the implementation of interim and permanent financing arrangements, now is not the time to ignore basic corporate governance standards. Progress is being made, but there is much more to be accomplished. Allowing Turquoise Hill minorities to determine their own representation is only reasonable given the record and de minimis shareholdings of the incumbent independent directors.

About SailingStone Capital Partners

SailingStone Capital Partners is a dedicated global natural resource investment adviser focused on providing institutional investors access to a broad array of solutions across the upstream natural resource space. SailingStone offers strategies which span evergreen public equity funds, opportunistic return of capital strategies, and unique access to direct investments in private companies and non-operated funds.



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