Sailingstone Capital Will Vote Against Turquoise Hill Resources Independent Directors
PR Newswire
SAN FRANCISCO, April 23, 2019
SAN FRANCISCO, April 23, 2019 SAILINGSTONE CAPITAL PARTERS announces that it has written an open letter to Turquoise Hill Resources (TSX/NYSE: TRQ) shareholders informing them that SailingStone intends to vote AGAINST the independent directors of TRQ at the May 14, 2019 Annual Meeting. A copy of the letter can be found at www.sailingstonecapital.com/resources.html
MacKenzie Davis, Managing Partner at SailingStone, said, "We have long been troubled by corporate governance practices at TRQ, and have worked diligently with the Board to attempt to address these issues. Unfortunately, the Board has refused to engage in productive dialogue, and we are left with no choice but to vote AGAINST the independent directors. This is not a decision which we have entered into lightly, given our significant investment and our long-term commitment to the Company. But, the fact remains that this is a world class asset that deserves world class corporate governance practices so that all stakeholders - Rio Tinto, the minority shareholders and the people and government of Mongolia - are aligned to achieve success at both the project and the corporate level."
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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