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   Gold/Mining/EnergyMinera IRL


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From: DaveAu11/23/2021 10:18:21 AM
1 Recommendation   of 1260
 
Is anyone attending? I don't like to appoint "Gerardo Pervez, Diego Benavides" as my proxy but unless I have another name, that's my only choice (using ProxyVote.com).

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To: JGCGI who wrote (1005)11/23/2021 10:20:39 AM
From: andrewlong
1 Recommendation   of 1260
 
Can I suggest we all hold off from submission of our votes, we have a few weeks.

Initially, I was going 'against' all items, still may do so, but with the new proposed director of Martin Mount, maybe I will vote for him. I do not know enough about Mr. Mount as yet.

Your suggestion of 'keeping track' is interesting. As far as I understand Mark received and created a list of CS and the amount of shares for each ( to get to that approx 30 million).

First, if anyone else has idea, please share.
Second, I think Mark will respond with ideas (he is dealing with some serious stuff now), we will eventually read his thoughts.

Original strategy was to vote out Benavides, still is.

Our actions going forward:
1) vote against everything, or
2) vote against all except 'yes' for Mount

we have the time before final voting

andrewlong

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To: DaveAu who wrote (1006)11/23/2021 10:24:34 AM
From: andrewlong
1 Recommendation   of 1260
 
just heading out the door.

Off the top of my mind, can that part of the proxy be left blank. (I think so ??)
Anyone else ?

a

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From: ian.s11/23/2021 2:22:42 PM
2 Recommendations   of 1260
 
The share price is at a 52 week low. Well done Diego.

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From: mark_ikn11/23/2021 11:25:23 PM
6 Recommendations   of 1260
 
How are shareholders supposed to make an informed decision on the AGM without knowing the results of the internal inquiry? The directors said they were investigating and that the company uses SAP, the results of financial movements would normally have been known to them within days (at worst)). Instead, September, October and most of November have passed and we still don't know anything, not even a brief summary of their findings. In order to vote correctly, we should have information on this issue.

After all, they want us to re-appoint the person under investigation and now voting has already opened. There's a clear fiduciary duty to complete here, how are we supposed to vote if we are left without key information?

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To: mark_ikn who wrote (1010)11/24/2021 12:14:23 AM
From: Kiwi Pom
2 Recommendations   of 1260
 
Exactly

In my complaint to RTZ I will be insisting not how they vote in the MIRL AGM, but that they do vote and do not take the route of abstention.

If they are really serious about their ESG obligiations, particularly the G, there is no way they can not take a position on the conduct of this board of directors.

I for one will ensure a fuss is raised if they do not vote - how they cast their vote is up to their business ethics.

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To: mark_ikn who wrote (1010)11/24/2021 12:23:22 AM
From: andrewlong
   of 1260
 
Well, here we go again, the Board of Directors are not doing their job.

I would of thought that the Board/Company would have postponed the Annual Meeting until their investigation was completed. As a shareholder I may have not liked that decision but ………

I think the Board wants the shareholders to vote against the re election of Benavides and Hema. And then let the new board clean up the mess by dismissing the CEO.

OR Does the current Board feel or even think they have enough votes to keep the status quo. Besides the CS share holdings and I am sure many other dissatisfied holders will vote Benavides off as Director.

I hate to suggest that we all write/emails to MIRL hot line, to OSC, to Rio Tinto, etc
In the case Rio Tinto, if the meeting goes ahead as is, they may never see a return on their 44 million shares. And that would be applicable to us as well.

Any thoughts from you as to how we can put pressure on the Board?
andrewlong
P.S. I just saw the wise post by Kiwi Pom.

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From: mark_ikn11/24/2021 12:41:13 AM
3 Recommendations   of 1260
 
All Diego Benavides wants is to be left with the keys to the subsidiaries. They know Chair Perez remains in charge whatever happens in this vote. In my opinion, I suspect their plan is to let whatever happens to happen at the AGM, then re-shuffle the C-suite.

FWIW, I phoned Martin Mount again today, his secretary/receptionist told me he has gone to Mexico and will be there for the next ten days. Also, Mr., Mount was one of the QPs for the recent Kuya Silver technical report on the Bethania project and was on-site on August 13th. Bethania was previously owned by Minera IRL (and sits close to Corihuarmi).

In my opinion, I suspect the directors plan to install Mr. Mount as the new CEO. Mount can then apply the new broom on everyone at MIRL except for Benavides, who stays in charge of the Kuri Kullu and Minera IRL SA subsidiaries (where all the serious corruption has taken place).

However, this means Martin Mount is today in cahoots with the board in their corruption. Again, in my opinion.

The only way to stop this is to force governability to the foreground and make the directors answer the questions they refuse to answer. In my opinion, the only way that happens is to stop the auditors from signing off on the annuals, force a CTO, which triggers a CTO in Lima. Unless anyone here has a better idea.

The lapses in fiduciary duty shown by this board of directors are breathtaking. Every single one of them must be up to their necks in the corruption at MIRL and they must also have a clear idea of how bad it has been. At some point we should simply stop talking to them and file criminal charges. Any reasonable forensic accountant will be able to follow the money and show where it has all gone...all in my opinion. The RCMP is surely the place to start.

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From: mark_ikn11/24/2021 1:10:33 AM
4 Recommendations   of 1260
 
We need to get Martin Mount on record.

If he takes a position of responsibility at MIRL, be it director or public company CEO, he must remove both Diego Benavides and his son Felipe (holder of the "magic share" that stops people from examining the subsidiaries) from the wholly-owned subsidiaries and pledge an independent audit of all company books, not just the ones that suit Benavides. If Martin Mount allows the Benavides clan to stay at MIRL his intentions will be obvious...all in my opinion of course.

RTZ can ask those questions of Mr. Mount. We can too. Also, these people should be made aware:

twitter.com

Accountable Mining

@TI_Mining

Combatting #corruption in mining approvals through stronger transparency & accountability. Led by
@TIAustralia
, Part of
@anticorruption
global movement.

Melbourne, Victoria transparency.org.au/global-mining/

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From: mark_ikn11/24/2021 1:26:47 AM
4 Recommendations   of 1260
 
Marcos and his "Quien calla otorga" comment a few posts ago is another way forward. Let's imagine that we set out the scenario for RTZ, via public messaging and multiple submissions to its whistleblower and ESG hotlines. They will then have clear knowledge of future plans to bury corrupt activity at a company in which they hold a significant percentage of shares.

If RTZ decides not to act and the scenario comes to pass, they are no longer passive onlookers and it's not just a case of whether heads will roll, but which heads. The person in the RTZ hierarchy who receives the reports and decides not to do anything is fired with cause under the company's ESG rules and if not, their superior is fired. Or their superior. It's how the CEO's head rolled for that sacred site incident, after all.

It's never the deed that gets the big fish, it's always the cover-up.

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