Ivanhoe Mines says Globe and Mail business column on executive compensation flawed by erroneous reporting of critical facts
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/15/16 -- Statement: (The following statement from Ivanhoe Mines (TSX: IVN)(OTCQX: IVPAF) has been issued in response to a column published December 15, 2016, by The Globe and Mail newspaper's Report on Business involving executive compensation.)
A column published online and in the Report on Business section of today's Canadian Globe and Mail newspaper misleads readers with false and damaging information concerning elements of compensation awarded to Ivanhoe Mines founder and Executive Chairman Robert Friedland.
Globe and Mail columnist Tim Kiladze, citing what he claimed are "egregious" compensation policies involving stock and option awards to executives of Canadian mining companies, presented information about practices at Ivanhoe Mines that he says benefited Mr. Friedland. Mr. Kiladze indicated that his information came from Ivanhoe's 2016 proxy circular, which is published annually to inform shareholders.
But the actual content of the Ivanhoe proxy circular clearly shows that The Globe and Mail did not correctly report the facts.
Specifically:
The accuracy of The Globe and Mail's intended use of these details was not checked with Ivanhoe Mines before publication.
The Globe and Mail knew, but chose not to recognize the fact, that on two occasions during the past three years Mr. Friedland participated in equity financings by Ivanhoe Mines - at C$2.00 and C$1.50 per share - investing a total of C$53.8 million to maintain his proportionate equity ownership in the company and to help ensure that Ivanhoe Mines had sufficient funding to continue with its exploration and development activities.
The Ivanhoe Mines proxy circular states, in part, "The purpose of the company's compensation program for senior executives is to provide incentives to attract, motivate and retain qualified and experienced executives, to align their interests with the interests of the company's shareholders, and to provide for transparent and defensible compensation."
Contacts:
Investors
Bill Trenaman
+1.604.331.9834
Media
North America:
Bob Williamson
+1.604.512.4856
Media
South Africa:
Jeremy Michaels
+27.82.939.4812
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Unternehmensinformation / Kurzprofil:
Datum: 15.12.2016 - 13:20 Uhr
Sprache: Deutsch
News-ID 513115
Anzahl Zeichen: 0
contact information:
Town:
VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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