Sherritt International Corporation
TSX : S

Sherritt International Corporation

May 06, 2014 18:31 ET

All Sherritt Director Nominees Elected to the Board With Overwhelming Support from Shareholders

TORONTO, ONTARIO--(Marketwired - May 6, 2014) -

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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Resolution to reduce the number of Directors on the Board Withdrawn by Clarke Inc. on Friday, May 2, 2014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".

Contact Information

  • Investor inquiries:
    Sherritt International Corporation
    416-935-2451
    Toll-free: 1-800-704-6698
    investor@sherritt.com
    www.sherritt.com

    Media inquiries:
    Longview Communications
    Joel Shaffer
    416-649-8006

    Longview Communications
    Alan Bayless
    604-694-6035

    Sherritt International Corporation
    416-935-2421
    Toll-free: 1-888-625-3448
    communications@sherritt.com