SailingStone Capital Responds to Result of Turquoise Hill Shareholder Vote
May 14 2019 - 11:45PM
Business Wire
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20190514006131/en/
Kathlyne Kiaie, Chief Compliance Officer(415)
429-5198compliance@sailingstonecapital.com
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