Norman Keevil: The super shareholder blocking Glencore's bid to create mining giant
It is not a matter of price, Canada is not for saleWhile Keevil’s patriotic comments have irked some foreign shareholders, they have struck a chord in Canada. Teck is seen as a national champion of the country’s mining sector, which has lost some of its top companies toThe supervoting share structure that gives Keevil control has been an acute point of controversy in recent weeks, even if it may eventually be scrapped.
ISS, along with rival proxy adviser Glass Lewis, have recommended a vote against the Teck board’s proposal to split the company.This advertisement has not loaded yet, but your article continues below.Keevil said recently: “The A shares are like the governor in an engine. So if the engine starts to move too fast, they can slow things down a little bit. But the A shares can’t go against what the majority of what the B shares want to do.
At the centre of this M&A saga, sits a man who is a geophysicist, miner and dealmaker, born into a mining family. He joined Teck Resources, the company founded by his father, also Norman, in 1963, becoming chief executive in 1981.Article content John Thompson, a former vice-president at Teck who was hired by Keevil in 1998, said his deep knowledge of the sector made him a unique leader.
“They have a revolutionary model, of going to the smaller companies and being the partner of choice,” he said. “It’s trust. That’s how Teck got built — it wasn’t through any single discovery, but through a series of partnerships.”
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