Turquoise Hill Announces Results of Voting for Directors

Rhea-AI Summary

On July 24, 2020, Turquoise Hill Resources (TSX:TRQ) announced the results of its Annual Meeting of Shareholders. All seven management nominees were re-elected to the Board of Directors, with George Burns receiving 82.29% approval. The resolutions for KPMG LLP as auditor and the consolidation of common shares were approved. However, a proposal for minority shareholder director nominations was rejected, and Mr. Halbower's election was defeated with 64.61% voting against. The company aims to improve engagement with minority shareholders moving forward.

Positive

• All seven management nominees were re-elected to the Board of Directors.
• KPMG LLP was approved as the Company's auditor.

Negative

• The proposal for minority shareholder director nominations was not approved.
• Mr. Halbower's election to the Board was defeated with 64.61% voting against.

MONTREAL, July 24, 2020 /PRNewswire/ - Turquoise Hill Resources Ltd (TSX:TRQ) (NYSE:TRQ) ("Turquoise Hill" or "the Company") today announced the voting results from the election of the Company's Board of Directors at its Annual Meeting of Shareholders.

All seven management nominees were re-elected.  Each director elected will continue to hold office until the next annual meeting of shareholders of Turquoise Hill Resources, or until the director's successor is elected or appointed.

Name of Nominee	Votes For	% For	Votes Withheld	% Withheld
George Burns	1,402,667,266	82.29%	301,916,580	17.71%
Alan Chirgwin	1,342,033,910	78.77%	361,727,844	21.23%
R. Peter Gillin	1,298,479,616	76.23%	405,002,119	23.77%
Stephen Jones	1,348,213,046	79.13%	355,640,607	20.87%
Ulf Quellmann	1,413,194,158	82.88%	291,859,915	17.12%
Russel C. Robertson	1,152,688,690	67.68%	550,549,613	32.32%
Maryse Saint-Laurent	1,291,617,568	75.86%	411,083,499	24.14%

Turquoise Hill Independent Chairman, Peter Gillin, stated, "While we are pleased with the re-election of our qualified and experienced directors, we acknowledge that more work needs to be done. It is evident that we need to increase the robustness of our direct engagement with our minority shareholders, to solicit further feedback and propose any additional recommendations to the Board."

The resolutions approving the appointment of KPMG LLP as the Company's auditor, the consolidation of the Company's issued and outstanding common shares, and the Company's approach to executive compensation were also approved at the meeting. The shareholder proposal put forward to create a mechanism for the nomination of directors by certain minority shareholders was not approved. The election of Mr. Halbower to the Board of Directors was defeated with 605,827,958 votes "For", representing 35.39% of the votes, and 1,106,000,750 votes "Withheld", representing 64.61% of the votes.

Detailed results on all matters voted on at the annual meeting of shareholders will be filed on SEDAR.

Follow us on Twitter @TurquoiseHillRe

About Turquoise Hill Resources

Turquoise Hill is an international mining company focused on the operation and continued development of the Oyu Tolgoi copper-gold mine in Mongolia, which is the Company's principal and only material mineral resource property. Turquoise Hill's ownership of the Oyu Tolgoi mine is held through a 66% interest in Oyu Tolgoi LLC (Oyu Tolgoi); Erdenes Oyu Tolgoi LLC (Erdenes), a Mongolian state-owned entity, holds the remaining 34% interest.

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SOURCE TURQUOISE HILL RESOURCES LTD

FAQ

What were the voting results for Turquoise Hill Resources (TRQ) Board of Directors?

All seven management nominees were re-elected, with George Burns receiving 82.29% of votes.

What proposals were approved at Turquoise Hill Resources' annual meeting?

The appointment of KPMG LLP as auditor and the consolidation of common shares were approved.

What was the outcome of the shareholder proposal at Turquoise Hill Resources?

The proposal for minority shareholder director nominations was rejected.

Which director's election was defeated during Turquoise Hill Resources' meeting?

Mr. Halbower's election was defeated with 64.61% of votes withheld.