A prominent shareholder advisory firm has recommended investors partially support efforts from one of Hudbay Minerals Inc.’s largest investors to revamp the board, including withholding their votes for the company’s chairperson Alan Hibben. Glass Lewis urged investors to support three nominees from a slate of four board candidates put forth by the Toronto-based private equity firm Waterton Global Resource Management Inc. The advisory firm said that despite a shifting series of requests and criticisms, the dissident’s core case – that the company has been value destructive, holds a spotty record for project management, and has employed “regressive and misleading tactics” to deter shareholder action – “holds water.”
