Battle for the board of Sherritt heats up

A battle for the board of Toronto-listed Sherritt has erupted ahead of a special meeting to be held on May 6.

Following the release in February of the resources company’s 2013 financial results, a war of words broke out between the company and a group of “concerned shareholders”, led by Clarke Inc, of which George Armoyan is president and ceo.
Armoyan has led an attempt to make major changes to the board of Sherritt, including a proposal for the possible replacement of the company’s ceo, David Pathe, and has now named three nominees to replace members of the board in a circular to shareholders.
In the circular, published on April 9, Armoyan described Pathe as “unqualified and ineffective”, and revealed that the three nominees for replacements are Ashwath Mehra, former ceo of MRI trading, David Wood, cfo of the Municipal Group of Companies, and himself.

“The board needs to reassess whether the incumbent ceo has the ability to...

Published

Claire Hack

April 10, 2014

12:12 GMT

London