Dynacor’s largest shareholder remains concerned about governance despite AGM outcomes
Following TSX-listed artisanal ore processor Dynacor Group’s AGM and election of COO Daniel Misiano as president and CEO of the group, Dynacor’s largest shareholder Iolite Partners remains concerned about the company’s conduct, disclosure and board entrenchment.
Swiss investment manager Iolite has repeatedly said Dynacor has enormous potential but the leadership needs to realise it is “clearly lacking”, as the company’s own AGM presentation affirmed.
Iolite maintains that shareholders of Dynacor deserve leadership that matches the scale of the opportunity it has and upholds the values the company claims to stand for.
“The AGM process and disclosure record cast serious doubt on whether shareholders had a full and fair opportunity to weigh all material information before voting,” Iolite states.
However, Iolite acknowledges the company admitting for the first time facts and events at the heart of Iolite’s concerns after years of alleged denials, threats, false accusations and the use of material shareholder resources to deflect legitimate scrutiny.
Iolite says shareholders still do not know the cost, scope or findings of the company’s independent investigation that aimed to inform transformational restructuring, including of its Peruvian operations, nor whether the directors who stood for election were among the investigation’s subjects.
Dynacor directors, including Pierre Beliveau and Isabelle Rocha, are among those who have been re-elected at the AGM, however, Iolite claims these are the same directors who oversaw the company’s overhaul and related approach to disclosure about its consequences.
