(Bloomberg) — Impala Asset Management has become the second investor in a month to go public about efforts to pressure Canadian miner Teck Resources Ltd. into ousting its longstanding CEO.
The Connecticut firm, founded by industry veteran Bob Bishop, said it sent a letter to Teck’s board Feb. 28, excerpts of which it provided to Bloomberg.
The letter criticizes Teck’s chief executive officer, Don Lindsay, for what the firm calls destruction of shareholder value while saying he received one of the biggest paychecks in the industry. In 2019, Lindsay’s total compensation was C$9.2 million ($6.6 million), including C$1.64 million in salary.
Doug Brown, Teck’s director of public affairs, said Monday that Lindsay has shareholder backing and that the company’s shares are down largely because underlying commodity prices have fallen.
“At our recent annual meeting, shareholders voted 98% in support of Don and the board, indicating the strong level of support of Teck’s shareholders for the company’s strategy,” Brown said by phone.
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