Fun at the Sherritt International AGM - Hallo friendsTODAY'S NEWS AND ACCREDITED, In the article you read this time with the title Fun at the Sherritt International AGM, We have prepared this article for you to read and retrieve information therein. Hopefully the contents of postings Article BANKING, Article CULTURE, Article ECONOMIC, Article HOTELS, Article POLITICAL, Article SOCIAL, Article SPORTS, Article TOURISTS, Article TRAVELING, We write this you can understand. Alright, good read.

Title : Fun at the Sherritt International AGM
link : Fun at the Sherritt International AGM

Fun at the Sherritt International AGM

Reader 'J' was kind enough to gie this desk the heads-up on this, thank you, sir.

Here's the NR, here's a section of the voting results table:

I mean, even the other 83% and 84% approval votes aren't much to boast about and there was a rough 17m block vote that went against every member of the gang, but it seems that Mr. David Pathe has picked up an extra special fanclub along the way and escaped being voted down by the slimmest of margins (it only needed another 3.5% or so of votes to show up against him and that would have been that). But why was he so unpopular? We get a clue in the NR footnotes:

"1 Sherritt believes that the percentage of votes withheld for David Pathe was negatively impacted by a practice known as “empty voting” whereby shareholders exercise their legal right to vote after selling their positions. More specifically, Sherritt believes that one of its largest institutional investors disposed of much, if not all, of its position subsequent to the record date of the meeting, and nevertheless withheld its vote against Mr. Pathe. Mr. Pathe would have received 74.54% votes in favor without the impact of this “empty voting” had this shareholder’s votes not been so withheld. Sherritt experienced a turnover of 112,082,964 shares, or 28% of its outstanding shares, during the five-day period following the record date of April 25, 2019. The Canadian Coalition for Good Governance has categorically rejected empty voting as a practice because it undermines the tenets of majority voting."

One man's empty vote is another's protest vote, of course. And if we look at the share price chart for S.to in the period, we get an idea of the price change that 112m share churn caused:

As reader J rightly pointed out, being willing to accept a big loss like that just to try and vote down one single board member is true dedication to a cause, Pathe must have really pissed them off.

Thus Article Fun at the Sherritt International AGM

That's an article Fun at the Sherritt International AGM This time, hopefully can give benefits to all of you. well, see you in posting other articles.

You are now reading the article Fun at the Sherritt International AGM with the link address https://todaysand.blogspot.com/2019/06/fun-at-sherritt-international-agm.html

Tweet

Subscribe to receive free email updates: