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Hudbay and Waterton settle board differences

Alan Hibben

Alan Hibben

3rd May 2019

By: Marleny Arnoldi

Deputy Editor Online

     

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TSX-listed Hudbay Minerals announced on Friday that it had reached an agreement with shareholder Waterton Global Resource Management and that the two parties would put forward a slate of 11 board members for election at the upcoming shareholders meeting.

The slate includes chairperson Alan Hibben and CEO Alan Hair, as well as Carol Banducci, Igor Gonzales, Richard Howes, Sarah Kavanagh, Carin Knickel, Peter Kukielski, Colin Osborne, David Smith and Daniel Quintanilla.

To facilitate the settlement agreement between Hudbay and Waterton, only agreed nominees will be nominated for election at the shareholders meeting on May 7, and none of the other individuals that Hudbay or Waterton had previously intended to nominate for election.

Hudbay’s green form of proxy and Waterton’s blue form of proxy continue to be valid, however only votes in respect of the agreed nominees would be considered at the meeting.

“Hudbay is pleased to have reached an agreement with Waterton that is in the best interests of shareholders,” said Hibben, who would step down from the board after the 2020 annual meeting of shareholders.

Following the May 7 meeting, the corporate governance and nominating committee would initiate a process to identify a suitable successor for the chairperson position. Hibben has agreed to continue serving as chairperson until a successor is appointed and would remain to the board until next year.

“With the proxy contest behind us, we are pleased that Hudbay will now be able to focus solely on unlocking its significant potential,” said Waterton investment officer Isser Elishis.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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