GROUNDUP: Shareholders force board shake-up in Aussie mining company

Australian venture capitalist Mark Caruso – familiar to South Africa’s environmental, legal and human rights communities for mining-related controversies – faced a shareholder revolt at his company’s recent annual meeting in Perth.

Also, the company points out that some shareholders were affected by “significant voting exclusions” in terms of the Corporations Act. Their legal action is widely regarded as SLAPP suits, deliberately brought to harass, intimidate and silence critics – a charge that MRC and Caruso deny. If this “spill” vote is passed, all directors other than the managing director – in this case, Caruso as executive chairman – must immediately stand down before the end of that meeting, and a new “spill meeting” must take place within 90 days where the ousted directors will have to stand for re-election.

The vote that resulted in the MRC board shake-up took place at the company’s annual meeting in Perth, Western Australia, on 30 May.

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