Lake Shore Gold Announces Adoption of Corporate Governance Measures
11 Gennaio 2013 - 10:35PM
Marketwired
Lake Shore Gold Corp. (TSX:LSG)(NYSE Amex:LSG)(NYSE MKT:LSG) ("Lake
Shore Gold" or the "Company") today announced the approval by its
Board of Directors of an advance notice by-law (the "By-law"). The
purpose of the By-law is to provide shareholders, directors and
management of the Company with a clear framework for nominating
directors of Lake Shore Gold. Lake Shore Gold is committed to: (i)
facilitating an orderly and efficient annual general or, where the
need arises, special meeting process; (ii) ensuring that all
shareholders receive adequate notice of the director nominations
and sufficient information regarding all director nominees; and
(iii) allowing shareholders to register an informed vote after
having been afforded reasonable time for appropriate deliberation.
The By-law is intended to further these objectives.
The By-law, among other things, includes a provision that
requires advance notice to the Company in certain circumstances
where nominations of persons for election to the Board of Directors
are made by shareholders of the Company. The By-law establishes a
deadline by which director nominations must be submitted to the
Company prior to any annual or special meeting of shareholders and
sets forth the information that must be included in the notice to
the Company. No person will be eligible for election as a director
of Lake Shore Gold unless nominated in accordance with the
By-law.
In the case of an annual meeting of shareholders, notice to the
Company must be made not less than 30 days and not more than 65
days prior to the date of the annual meeting. In the event that the
annual meeting is to be held on a date that is less than 50 days
after the date on which the first public announcement of the date
of the annual meeting was made, notice may be made not later than
the close of business on the 10th day following such public
announcement.
In the case of a special meeting of shareholders called for the
purpose of electing directors (whether or not called for other
purposes), notice to the Company must be made not later than the
close of business on the 15th day following the day on which the
first public announcement of the date of the special meeting was
made.
The full text of the By-law is available at www.sedar.com or
upon request by contacting the Company's Corporate Secretary,
Alasdair Federico.
The Company also announces that the Board of Directors has
adopted a majority voting policy for the election of directors in
uncontested elections. Under the new policy, if a nominee does not
receive the affirmative vote of at least the majority of votes
cast, the Director shall promptly tender a resignation for
consideration by the Corporate Governance and Nominating Committee
and the Board. The Corporate Governance and Nominating Committee
shall consider the resignation and recommend to the Board the
action to be taken with respect to such offered resignation, which
may include: accepting the resignation, maintaining the Director
but addressing what the Corporate Governance and Nominating
Committee believes to be the underlying cause of the withheld
votes, resolving that the Director will not be re-nominated in the
future for election, or rejecting the resignation and explaining
the basis for such determination.
The Corporate Governance and Nominating Committee in making its
recommendation, and the Board in making its decision, may consider
any factors or other information that they consider appropriate and
relevant. A copy of the policy is available on the Company's
website at
http://www.lsgold.com/Our-Company/Corporate-Governance.
About Lake Shore Gold
Lake Shore Gold is a mine development and operating company that
is in production and pursuing rapid growth through the advancement
of three wholly owned, multi-million ounce gold complexes in the
Timmins Gold Camp. The Company is in production at both the Timmins
West and Bell Creek mines, with material being delivered for
processing to the Bell Creek Mill. The Company continues to have an
active drilling program aimed at supporting current operations and
evaluating high-priority exploration targets around the Timmins
Camp. The Company's common shares trade on the TSX and NYSE MKT
under the symbol LSG.
Contacts: Lake Shore Gold Corp. Tony Makuch President & CEO
(416) 703-6298 Lake Shore Gold Corp. Mark Utting Vice-President,
Investor Relations (416) 703-6298 www.lsgold.com
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