Agnico Eagle disappears a director - but what does it mean for Rogers?
AEM-Tshareholders withhold their votes from Mr. Gemmell in the director election at last Friday’s annual general meeting because of the miner’s compensation practices. This, after two consecutive years of also recommending a “no” on the “say-on-pay” vote.
But as for whether Mr. Gemmell, a retired investment banker from Citigroup’s Canadian operations, would receive a similar rebuke, we will never know. And that’s bad news for shareholders of another company where Mr. Gemmell still serves: Rogers Communications Inc., where he’s the lead independent director.
Late Monday, Agnico Eagle provided me with a direct answer to my weekend pestering. Mr. Gemmell, the company tells me, decided just before the annual meeting to not stand for re-election after talking to shareholders in the weeks leading up to the meeting. Well, that’s a neat trick to avoid losing, and disclosing, a shareholder vote. However, I disagree with the idea that no voting on Mr. Gemmell occurred, as shareholders submitted their proxy votes with Mr. Gemmell’s name right there on the ballot. The votes were cast; Agnico Eagle used his sudden withdrawal as an excuse not to count them.
Institutional Shareholder Services, another adviser, recommended “withholds” on seven Rogers directors for governance reasons, but Mr. Gemmell was not among them.
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