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Over 40% of minority shareholders of Turquoise Hill oppose independent directors

Published 2019-05-14, 03:18 p/m
© Reuters. Over 40% of minority shareholders of Turquoise Hill oppose independent directors
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TORONTO, May 14 (Reuters) - A large proportion of the minority shareholders in Rio Tinto Plc -controlled RIO.AX RIO.L Turquoise Hill Resources TRQ.TO voted against the re-election of the company's independent directors on Tuesday.

While all seven directors were re-elected to the board, over 40% of Turquoise Hill's minority shareholders, including its second-biggest shareholder, Sailingstone Capital, voted against the four independent directors, according to a Turquoise filing.

Sailingstone last month flagged its vote in an open letter, citing governance issues and the board's lack of engagement with minority investors.

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