(This press release is from last week)
Teck Resources Limited (TSX: TECK.A and TECK.B, NYSE: TECK) (“Teck”)
announced today, in accordance with Toronto Stock Exchange requirements, the voting results from its
Annual and Special Meeting of Shareholders held Tuesday, April 21, 2020 in Vancouver, British
Columbia. A total of 6,006,592 Class A common shares and 383,118,022 Class B subordinate voting
shares were voted at the meeting, representing 76.14% of the votes attached to all outstanding shares.
Shareholders voted in favour of all items of business before the meeting, as follows:
- Shareholders elected 12 directors:
- Shareholders appointed PricewaterhouseCoopers LLP as auditor of the Corporation.
- The resolution on Teck’s approach to executive compensation (“say on pay”) as described in
Teck’s management proxy circular dated February 28, 2020 (the “Circular”) was approved, with 95.30% of votes cast in favour.
- The resolution to amend Teck’s stock option plan and to ratify the grant of certain stock options granted thereunder as set out in the Circular was approved, with 87.97% of votes cast in favour. Although all of the nominated directors received the support of more than 50% of votes cast at the meeting, the Teck Board has taken note of the significant number of votes cast by holders of Class B Subordinate Voting Shares that were withheld in connection with the election of Mr. Quan Chong. The Board understands that major proxy advisory services recommended that votes be withheld in respect of 2 Mr. Chong’s election to the Board on the grounds of his attendance at Board and Committee meetings in
- Although not required to do so under Teck’s Majority Voting Policy, Mr. Chong has tendered his resignation, in light of the voting results of the meeting. The Board has considered the matter and has determined not to accept Mr. Chong’s resignation. The Board has considered, among other things, the fact that Mr. Chong’s 2019 attendance was adversely affected for medical reasons. The Board also considers Mr. Chong’s specific skills, including his insight into China’s economy and political landscape unique among members of the Board and, therefore, of significant benefit.
For more click here.