One of the primary shareholders at Vancouver-based Timmins Gold Corp. (TSX: TMM) is pushing for a major shakeup at the higher echelons of the West Coast resource company.
Sentry Investments Inc. announced June 2 it plans to nominate six new directors to the eight-person board of Timmins.
The Toronto-based asset management company, which owns about 17% of Timmins’ shares, said it was making the move to boost independence from the executive team, align executive compensation with performance and fill the board with individuals possessing more mining and geological experience.
Sentry said it’s concerned Timmins has missed production dates and the current board is not holding the executive team accountable.
A number of members on the executive team also sit on Timmins’ board of directors.
"It is time to transform the current board from one that lacks independence and depth of mining industry experience to an independent board of industry veterans that can deliver results and ultimately enhance the value of Timmins for shareholders," Sentry vice-president Kevin MacLean said in a statement.
Timmins is applying to push back the date of the annual shareholders meeting to Sept. 23 after the original July 17 date was cancelled in late May.
The company, which owns multiple mining projects in Mexico, said in a statement it’s committed to considering views of all its shareholders and it would be working with an independent consultant to consider the qualifications of Sentry’s nominees.
Nominees include a professional geologist, a mining engineer and former mining executives.
