Welcome To the WIN!!! St. Elias Mines HUB On AGORACOM
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Message: TSX/regulators did not enforce 51-102/ 58-201
When Murry got fired as Vice President, this was material information in the sense that ALL details were required to be disclosed by the company, and NOT just lable the definition as "cause". The regulators were obligated to protect shareholders by assuring that a reprimand or remedy was effected by the company. As of this date, 19 months later, and after regulator/s were alerted to this lack in disclosure, investors still only know that the Vice President was fired with cause, but don,t know what the cause was, ensuring the inability to make a reasonable decision on the applicable news release. This only adds to the acts of negligence by the regulators and further contradicts their mandate. This may be considered valuable evidence in favour of shareholders in any future litigation, as well as any national inquiries into a much broader matter. I suggest this post be filed and saved for future reference.
2012-06-12 17:19 ET - News Release
Ms. Lori McClenahan reports
MURRY BRAUCHT TERMINATED WITH CAUSE
St. Elias Mines Ltd.'s Murry Braucht has been removed as vice-president of the company and terminated with cause effective immediately.
3.9 The board should be responsible for monitoring compliance with the code. Any waivers
from the code that are granted for the benefit of the issuer’s directors or executive
officers should be granted by the board (or a board committee) only.
Although issuers must exercise their own judgement in making materiality
determinations, the Canadian securities regulatory authorities consider that conduct by a
director or executive officer which constitutes a material departure from the code will
likely constitute a “material change” within the meaning of National Instrument 51-102
Continuous Disclosure Obligations
. National Instrument 51-102 requires every material
change report to include a full description of the material change. Where a material
departure from the code constitutes a material change to the issuer, we expect that the
material change report will disclose, among other things:
• the date of the departure(s),
• the party(ies) involved in the departure(s),
• the reason why the board has or has not sanctioned the departure(s), and
• any measures the board has taken to address or remedy the departure(s).
thank you
rick
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