While proxy adviser ISS has backed the election of Matthew Halbower as a director of Toronto-listed Turquoise Hill, Glass Lewis is supporting the copper and gold miner in its rejection of the Pentwater Capital Management nominee to its board.
Pentwater, which is the largest minority shareholder in Turquoise Hill, has been rising concerns about governance, delays, cost overruns and the company’s disclosure’s regarding the gravity of its funding shortfalls.
Pentwater wants Halbower to replace Russell Robertson, one of the board’s longest tenured directors, under whom it claimed the stock price has plummeted and governance has not improved.