CORRECTING and REPLACING SailingStone Capital Responds to Result of Turquoise Hill Shareholder Vote
May 15 2019 - 4:49PM
Business Wire
Please replace the release dated May 14, 2019 with the following
corrected version due to multiple revisions.
The corrected release reads:
SAILINGSTONE CAPITAL RESPONDS TO RESULT OF TURQUOISE HILL
SHAREHOLDER VOTE
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 40-45% AGAINST despite
the recommendations of the proxy voting advisors. Based solely on
minority votes cast, the independent directors received between
54-61% AGAINST. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190514006131/en/
Kathlyne Kiaie, Chief Compliance Officer(415)
429-5198compliance@sailingstonecapital.com
Turquoise Hill Resources (NYSE:TRQ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Turquoise Hill Resources (NYSE:TRQ)
Historical Stock Chart
From Apr 2023 to Apr 2024