All Sherritt Director Nominees Elected to the Board with Overwhelming Support From Shareholders
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All Sherritt Director Nominees Elected to the Board with Overwhelming Support From Shareholders
TORONTO, May 6, 2014 - Sherritt International Corporation ("Sherritt" or the “Corporation”) (TSX:S) announced that all nine of its nominees were elected to the Board at the Annual and Special Meeting of Shareholders today.
“I want to thank all shareholders for their feedback, engagement and continued support of the Corporation during the election process,” said Harold (Hap) Stephen, Chairman of Sherritt. “We believe that the result is in the best interests of shareholders and the Corporation. 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.”
Stephen concluded: “I also want to wish departing director John R. Moses well and thank him for his contributions to Sherritt.”
A total of 201,882,004 shares, or 67.91% of Sherritt’s common shares that were eligible to be voted at the Meeting, were voted. Shareholders elected all of Sherritt’s Director Nominees to the Board. Shareholders did not elect any of the three dissident nominees. Clarke Inc.’s shareholder proposals also failed to receive the requisite support from shareholders.
The first nine names listed below comprise the Corporation’s Board of Directors:
| Nominee | 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 |
At the Meeting, Shareholders also voted as follows on a number of resolutions:
| Resolution | Votes For | % For | Votes Against | % Against |
|---|---|---|---|---|
| To adopt the Advance Notice By-Law | 157,000,469 | 77.84% | 44,686,914 | 22.16% |
| Advisory vote on the non- binding Say on Executive Pay Resolution | 143,971,934 | 71.37% | 57,740,812 | 28.63% |
| Advisory vote on the non- binding Say on Director Pay | 146,866,154 | 72.80% | 54,871,458 | 27.20% |
| Resolution to reduce the number of Directors on the Board | Withdrawn by Clarke Inc. on Friday, May 2, 2014 | |||
| Dissident Helms-Burton Resolution | 9,376,748 | 5.72% | 154,620,487 | 94.28% |
| Shareholder Proposal 1 | 31,796,895 | 15.76% | 169,931,865 | 84.24% |
| Shareholder Proposal 2 | 68,881,881 | 34.18% | 132,661,484 | 65.82% |
| Shareholder Proposal 3 | 66,700,662 | 33.10% | 134,842,129 | 66.90% |
| Shareholder Proposal 4 | 99,025,814 | 49.13% | 102,517,077 | 50.87% |
The resolution to approve the amendments to By-Law No. 1 and the resolution to appoint the external auditor and fix the external auditor’s compensation, were also approved by the requisite majority.
About Sherritt
Sherritt is a world leader in the mining and refining of nickel from lateritic ores with operations in Canada, Cuba and Madagascar. The Corporation is the largest independent energy producer in Cuba, with extensive oil and power operations across the island. Sherritt licenses its proprietary technologies and provides metallurgical services to mining and refining operations worldwide. The Corporation's common shares are listed on the Toronto Stock Exchange under the symbol "S".
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For further information, please contact:
Investor inquiries:
Sherritt International Corporation 416-935-2451 Toll-free: 1-800-704-6698 [email protected] www.sherritt.com
Media inquiries:
Longview Communications Joel Shaffer: 416-649-8006 Alan Bayless: 604-694-6035 Sherritt International Corporation 416-935-2421 Toll-free: 1-888-625-3448 [email protected]