09:11 AM EDT, 05/23/2025 (MT Newswires) -- Sherritt International ( SHERF ) shareholder SC2 said on Friday that it will vote against the election of most of the nominated directors at the company's June 10 annual meeting because they don't constitute the board renewal it has called for amid alleged operational and governance failures.

SC2 urged fellow shareholders to vote against the re-election of Leon Binedell, Louise Blaise, Shelley Brown, Peter Hancock, Richard Lapthorne and Chih-Ting Lo. SC2 cited Sherritt's ( SHERF ) alleged operational underperformance, eroding shareholder value and market standing, and misaligned executive compensation under the current board. SC2 also accused the miner of having an excessive overhead and noted its alleged failures in governance and investments in speculative initiatives. SC2 said Sherritt ( SHERF ) should focus on its Moa joint venture operation in Cuba, and unlocking its value "requires credible, focused leadership."

SC2 said it will vote in favor of Richard Moat as a director, saying that his nomination brings relevant experience and a needed independent voice to the boardroom.

"This is a decisive moment for Sherritt ( SHERF ). Under the current Board's oversight, repeated production shortfalls, financial underperformance, and serious governance breakdowns have eroded value and confidence," SC2 said. "Shareholders deserve accountable leadership and a clear path forward. The time for change is now."

SC2 owns 8.07% of the post-dilution issued and outstanding shares of Sherritt ( SHERF ).