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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