SAN FRANCISCO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/copper?src=hash” target=”_blank”gt;#copperlt;/agt;–SAILINGSTONE CAPITAL PARTNERS notes the results of the Turquoise
Hill (TSX/NYSE: TRQ) AGM today in which no independent director received
support from more than 33% of the minority shareholders, and all four
received between 45-50% AGAINST despite the recommendations of the proxy
voting advisors. This outcome shows that, in fact, most minority
shareholders DO NOT “understand and accept the nature and the extent of
Rio Tinto’s (ASX/LSE:RIO) control over the company and the composition
of its board,” as stated by Glass Lewis.
MacKenzie Davis, Managing Partner at SailingStone, said, “As we
highlighted in our most recent letter to shareholders and has been
confirmed by today’s vote, it is clear that both owners and potential
investors are concerned about corporate governance practices at TRQ.
What is unclear is how the Board can fulfill their fiduciary duty to all
shareholders without addressing these apparent deficiencies. As patient,
long-term owners we remain open to engaging with the TRQ Board to
resolve these issues.”
About SailingStone Capital Partners LLC
SailingStone Capital Partners LLC is an employee-owned investment
advisory firm focused exclusively on providing investment solutions in
the global natural resource space. Based in San Francisco, SailingStone
manages concentrated, long-only equity portfolios for institutional
investors.
Contacts
Kathlyne Kiaie, Chief Compliance Officer
(415) 429-5198
[email protected]
