Sherritt nominees elected as battle for board ends

International resources company Sherritt has confirmed that all nine of its nominees were elected to its board at the annual and special meeting on Tuesday May 6.

International resources company Sherritt has confirmed that all nine of its nominees were elected to its board at the annual and special meeting on Tuesday May 6.

This means none of the nominees put forward by the “concerned shareholders group”, led by George Armoyan and Clarke Inc, were elected.

At the vote, incumbent chairman Harold “Hap” Stephen retained his position, with 165,369,924 votes, while Armoyan received 54,437,531 votes.

A total of 201,882,004 shares, or 67.91% of Sherritt’s eligible common shares, were voted at the meeting, Sherritt said.

Shareholders also voted against all four of the other proposals put forward at the meeting by the group led by Clarke Inc.

These included proposals for unanimous board approval for significant acquisitions, annual say on board pay, annual say on executive pay and the elimination of special perquisites for directors.

“I want to thank all shareholders for their feedback, engagement and continued support of the corporation during the election process. We believe that the result is in the best interests of shareholders and the corporation,” Stephen said in a statement.

“With the proxy contest behind us, your board remains committed to representing the interests of all shareholders. In addition, Sherritt’s emphasis on shareholder communication and engagement will continue.”

The resolution to approve amendments to the company’s by-law no.1 and the resolution to appoint an external auditor and set the auditor’s compensation were also approved during the meeting.

The amendments to by-law no.1 included increasing the minimum requirement for meetings of the board of directors from two-fifths to a simple majority.

Sherritt’s products include nickel and cobalt.

The full list of nominees and the votes they received is below:

Sherritt nominees Votes for
Harold “Hap” Stephen 165,369,924
Timothy Baker 156,395,257
R. Peter Gillin 156,320,665
Sir Richard Lapthorne 156,053,560
Adrian Loader 156,315,511
Edythe A. (Dee) Marcoux 146,754,032
Bernard Michel 146,885,491
Lisa Pankratz 156,732,607
David Pathe 165,633,504

Clarke nominees
George Armoyan 54,437,531
Ashwath Mehra 34,176,896
David Wood 33,880,007
Dustin Haw 1,998,097
Michael Rapps 2,022,961

See also:
Shareholder group sends complaint to OSC in Sherritt board row
HOTLINE: Sherritt board battle rages as proxy voting deadline looms

Claire Hack
chack@metalbulletin.com
Twitter: @clairehack_mb

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