From: HBrooke | 11/30/2021 1:08:24 PM | | | | Aside from giving MIRL leadership something to talk about, the reports of Baker Tilly and Everest were intended for three other purposes - liability cover for the Board, protection for Benavides should he lose his job and, finally, to give a reason for RIO to stay on the sidelines. But, what was revealed and not revealed in the letter from the Company should be of concern for shareholders.
What has been confirmed is the substantial number of friends and relatives of Benavides receiving compensation from the Company and in management positions - a big problem that, for a host of reasons, all properly governed companies avoid.
First, there was nothing from Baker Tilly revealed that would indicate whether amounts paid and being paid represented reasonable compensation for the work done - something that is very hard to audit and I suspect was not part of their engagement. It is also an ungovernable situation, so unlike MIRL any sensible board will have rules in place to avoid the problem.
When so many people in an organization are related to or personally connected to the senior person, they become a group of 'insiders' versus other employees creating a divisive atmosphere, an unhealthy dependency on the senior person that diverts loyalty away from the interests of the company, and an ineffective division of duties and accountability that a properly functioning company depends upon. This shows up in spades in the case of MIRL whose performance in advancing Ollachea has been very poor and there has been nothing provided by way of a plan on which they would be held accountable - a basic for even the simplest of operations, let alone a public company. Also, the hiring of three people to c-suite positions, subsequently found to be unqualified and demoted, aside from being a bizarre and unprecedented situation, is a sign of management dishonesty and Board impotence (it's a clear firing offence and how could a functioning compensation committee ever allow such a thing?).
The primary role of the CEO is to ensure the right people are in roles to advance the company's interests and the board needs to make sure this is happening - not only have all parties failed in their duties, but the incestuous nature of the organization leaves little hope for the future. This is an organization in dire need of a clean sweep, especially with the clock ticking on a big pile of debt. |
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From: mark_ikn | 11/30/2021 1:52:31 PM | | | | Diego Benavides is a dead man walking and we're now at the point where we should actively WANT Rio Tinto to abstain and then PKF Littlejohn to sign off the annuals. We report the situation and they do nothing? Bring it on! We don't have to settle for booting out these liars any longer, the suits we can bring against both those far larger entities (PKF Littlejohn is one of the 10 biggest auditor firms in the UK) will make us a lot more money. We can set an example via legal precedent that will be remembered by the whole mining sector for years to come.
I am quite serious about this. Also, if RTZ is found to have sponsored Martin Mount into the board it gets even better. Hold your shares, everyone. And report to the auditors and to RTZ, get yourself on record. |
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From: waznot | 11/30/2021 3:23:55 PM | | | | I have read many messages on this board along with great opinions and ideas. But I must say that posters mark_ink and HBrooke have a superb skill of capturing problems and solutions and presenting them very clearly for understanding and even down to my level. Thank you to both. waznot |
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To: Kiwi Pom who wrote (1054) | 11/30/2021 3:30:48 PM | From: mark_ikn | | | PKF Littlejohn, the contact box yes. They decided that is the way for 3rd parties to contact them, therefore the "reasonable man" (legal term) assumes anything sent via their preferred channel is both read and understood.
Put simply, they cannot claim ignorance or try to fob us off by saying any messages we write in were unread. Therefore, report Minera IRL's IAS24 dereliction to them and they as annual auditors must act.
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To: mark_ikn who wrote (1055) | 11/30/2021 3:39:29 PM | From: andrewlong | | | to Kiwi Pom yes contact box but also send to David Thompson at. dthompson@pkf-l.com as he signed off the last two years of Annual Reports. andrewlong |
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From: waznot | 11/30/2021 3:41:58 PM | | | | It has been easier this round to submit complaints etc. as it deals mainly with the issue of not declaring Related Party Transactions. I was able to submit to CSC, Rio Tinto, and auditor PKF
It was with great pleasure to submit complaints through the companies whistleblower hotline hotline. I got carried away and submitted three: 1. A complaint about why there was no declaration as to related parties. 2. Why the company Barker Tilley did not pick up on the missed declarations as to related party transactions. 3. Why did MIRL pick the same firm, Barker Tilly as it did in 2016. Was it the same individual staff at Barker Tilley in 2001 and 2016.
waznot |
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From: waznot | 11/30/2021 3:58:55 PM | | | | As it relates to the Ontario Securities Commission I received this email from them as to the correct Principle Regulator. For your information waznot
From: whistleblower <whistleblower@osc.gov.on.ca> Date: November 29, 2021 at 10:23:44 AM EST To:
Subject: Confidential: Ontario Securities Commission (ref. 346-388 and 750-831)
Dear Mr. Zaverucha,
Thank you for making submissions (346-388 and 750-831 on November 9 and 25, 2021, respectively) to the Office of the Whistleblower of the Ontario Securities Commission (OSC). We note that the subject entity, Minera IRL Limited, you identified in your submission has the British Columbia Securities Commission (BCSC) as its principal regulator. The Canadian securities regulatory landscape is made up of each province containing their own securities regulatory authority responsible for regulating the securities industry in their own province. As such, the misconduct that you allege appears to fall within the jurisdiction of the BCSC to review. We encourage you to contact the BCSC directly to report the misconduct you allege in your submission. To that end, I am including herein a link to the BCSC's "Contact Us" page which also provides the ability to report a concern under the heading "Complaints or Concerns": bcsc.bc.ca
Thank you again for your submissions to the OSC's Whistleblower Program.
OSC Office of the Whistleblower Ontario Securities Commission
20 Queen Street West, 20th Floor | Toronto ON M5H 3S8 Whistleblower-only Hotline: 1-888-672-5553) www.officeofthewhistleblower.ca |
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To: GermanyBoy who wrote (1021) | 12/1/2021 7:25:27 AM | From: Breft | | | This is pathetic German Boy. You are not fooling anyone here. It is a serious accusation you make regarding Mark making death threats, of which there is no evidence whatsoever. What there is evidence of, is that the CEO, board members, potential board member Mount, and other sundry apparatchiks at Minera are obfuscating and avoiding answering awkward questions, and they must be held to account. I for one am 100% behind Mark and the CS group, so I suggest you remove yourself from this board as you have no credibility. No offence! |
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To: Karl_M who wrote (1029) | 12/1/2021 9:27:26 AM | From: Breft | | | There is a simple answer for Mr Mount. Pick the phone up, and answer the questions coming from the other end like a professional. |
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