Champion Iron Shareholders Back Board Despite Low Support for Pay Report
At its annual general meeting, Champion Iron shareholders re-elected all seven director nominees but only approved the company's remuneration report with about 63% support. Under Australia’s Corporations Act, this triggered a second 'strike' due to more than 25% of votes being cast against it. A conditional board spill resolution failed as it did not receive sufficient backing. For fiscal 2026, Champion Iron produced nearly 14.2 million tonnes and sold over 15 million tonnes, generating C$1.7 billion in revenue and almost C$500 million in EBITDA. Despite inflationary pressures, delivered-on-board costs were maintained at C$78.50 per tonne. The company is advancing growth through the Kami project, its Rana Gruber acquisition, and higher-grade direct reduction pellet feed production. Fiscal 2027 priorities include optimizing operations, reducing leverage, completing feasibility studies for Kami, and expanding customer bases.
Topics: board elections corporate governance remuneration report