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Teck Resources Ltd.’s chief executive officer says multiple-voting class-A shares and veteran chairman Norman Keevil are bolstering Canada’s largest diversified mining company’s ability to withstand the pressures from low commodity prices.
“It is a truly long-term mindset at the top of the house, starting with our chairman, who has been with the company for over 50 years,” Don Lindsay said.
“The A shares give us the ability to think long term and make those investments on that basis. We’re probably less influenced by short-term market activity than most companies. That may frustrate some of you who have to deal with short-term trading flows and shareholder demands and that sort of stuff.”
Vancouver-based Teck is focused on investing in its long-life assets in coal, copper and zinc, Mr. Lindsay said Wednesday during Teck’s webcast for investors and analysts.
Mr. Keevil, 78, has been chairman since 2001. He served as president and CEO at Teck and its predecessor firms from 1981 to 2001. His son, Norman Keevil III, serves on the board of directors.
Teck’s key shareholder with 28.68 per cent of the voting rights is Temagami Mining Co., which is 51 per cent owned by the Keevil family’s Keevil Holding Corp. and 49 per cent by Japan’s Sumitomo Metal Mining Co., according to Teck’s management proxy circular released last week. Temagami controls 45.97 per cent of Teck’s class-A stock, which each carry the right to 100 votes per share.
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