The minority shareholder company in SQM reiterated that they are considering "all possible legal actions" because the decision of the Financial Market Commission (CMF) hinders their efforts to bring the approval of the association to a vote at an extraordinary shareholders meeting.
The recent resolution issued by the Financial Market Commission (CMF) regarding the request for approval of the Association between SQM Salar, a subsidiary of SQM, and Minera Tarar, a subsidiary of the National Copper Corporation of Chile (Codelco), has unleashed a series of concerns on the part of Tianqi Lithium, a minority shareholder in SQM.
In an official statement, Tianqi Lithium reported that it is becoming aware of the aforementioned resolution and that its legal teams are carrying out an exhaustive analysis of it.
"We find it necessary to express our deep concern in this regard, especially in relation to the incorrect interpretation of the Companies Law and the protection of the rights of minority shareholders," Tianqi declared.
According to the company, the CMF itself recognizes in its resolution that the real effect of the operation is the dilution of the social rights of SQM shareholders, which would lose control over its subsidiary SQM Salar. Despite this, the resolution dismissed the need for approval by the Shareholders' Meeting, arguing that there would not properly be a "disposal of assets."
For Tianqi Lithium, this argument is clearly unsustainable and dangerously similar to the use of legal structures aimed at evasion or avoidance in other legal contexts. Furthermore, they consider that this interpretation opens the door to legal subterfuges that could harm the fundamental rights of non-controlling shareholders.
In line with the provisions of the Corporation Law and its corresponding regulations, Tianqi Lithium highlighted that the Shareholders' Meeting must have authority over extraordinary decisions that affect the existing investment conditions. The CMF's restrictive interpretation of the term "disposal" blatantly contradicts the spirit of the law, which seeks to protect investors.
This position, according to the company, compromises transparency and fairness in corporate operations, weakening investor confidence in the Chilean regulatory framework. Furthermore, it affects the rights and interests of Tianqi as a minority shareholder in SQM and weakens the role of Shareholders' Meetings in protecting shareholder rights and supervising critical strategic decisions.
Tianqi Lithium has made it clear that, in compliance with its fiduciary duty and responsibility to its investors, it is evaluating all possible legal actions and will take all relevant measures in accordance with the law to enforce its rights and interests as a shareholder of SQM and international investor.
