Activists succeed because most companies are not run optimally. Management has too much job security, and boards are too friendly with management.
Management teams that are complacent are destroying value. That's not acceptable when you're a public company.
Corporate governance in Latin America protects the people who are already in charge. That needs to change.
Having two corporate sponsors sounds like a dream. In practice, it meant two sets of priorities, two vehicle platforms, and two definitions of success.
Management doesn't like me because I hold them accountable. That's fine. That's my job.
When you double a company's revenue and people still call it a failure, you have to ask: what were they really measuring?
We were wrong to have proceeded with the destruction of the Juukan Gorge rock shelters. We are truly sorry for this and for the distress it has caused.
You cannot have a social licence to operate unless your presence in communities is genuinely positive for those communities. That is not charity — it is commercial necessity.
The obligation that comes with this kind of success is real. We have to use our scale for good, not just for profit.
Our goal has always been to build a board that can serve as a genuine strategic partner to management — not just a rubber stamp.
We believe that the Company's failure to achieve its potential is the result of a Board that has not held management accountable.
We are different from other activists in that we tend to spend a lot of time with compensation committees trying to get pay aligned very early on in our process.