Base metals miner Hudbay will put forward ten, rather than 11 directors, to be elected at the upcoming special meeting, after Waterton Global Resource Management nominee Michael Anglin withdrew from the slate of nominees that the dissident shareholder put forward for the company.
Anglin withdrew from Waterton’s slate to join the board of directors of Chilean copper miner Antofagasta.
Hudbay has previously planned to increase the size of its board to 11 to accommodate the election of its nominee, Richard Howes, and two Waterton nominees, David Smith and Anglin, as new independent directors.
Waterton first announced Anglin as one of its director nominees on January 16. On April 5, Hudbay recommended that shareholders vote for Anglin and just over a week ago, Waterton also recommended that shareholders vote for Anglin.
“The company is therefore surprised by Waterton’s sudden withdrawal of one of its director nominees, as board nominations generally involve a rigorous process aimed at ensuring, among other things, that nominees will be available to serve if elected. In any event, Hudbay is disappointed that Mr. Anglin has chosen to pursue a different opportunity but respects his decision and wishes him well,” said Hudbay.
Waterton, however, said in a separate statement that Anglin had expressed concern about the “questionable tactics” employed by Hudbay during the proxy contest and that he, therefore, would prefer to take advantage of the Antofagasta position.
Assuming Hudbay’s slate of director nominees is elected, this would result in 20% of the board being refreshed in 2019, with six of ten directors having joined the board in the last five years. In light of Anglin’s withdrawal, following the annual and special meeting of shareholders, Hudbay intends to initiate a process to identify an independent and qualified individual who could join the board as an eleventh director.