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Two of Dominion Diamond’s independent directors quit board amid strategic review

TORONTO — Dominion Diamond Corp. says two of its independent directors have resigned, as the board of Canada’s largest publicly traded diamond producer faces shareholder pressure for a shakeup.

One resignation is Fiona Perrott-Humphrey, an investment analyst who has worked with the London-based Rothschild group, which has been hired by the Toronto-based company to “maximize shareholder value.”

The other resignnation is Ollie Oliveira, managing partner at Greengrove Capital and a former senior executive at Anglo American and De Beers — one of the world’s largest diamond producers.

Dominion Diamond owns the Ekati diamond mine and a 40 per cent share of Diavik — Canada’s largest diamond mine — both in the Northwest Territories.

The departures come just days after a group of Dominion Diamond shareholders publicly called on the company’s independent directors to deal with the “misguided policies and missed opportunities” that have hurt their investment.

The group — led by K2 & Associates Investment Management Inc. — says it recognizes that the mining industry faces “headwinds” but believes Dominion Diamond’s shares are “significantly undervalued by the public markets.”

The shareholders addressed their complaint to Daniel Jarvis, Dominion Diamond’s lead independent director, and sought a meeting with him and other independent members of the board, which includes former Harper minister Chuck Strahl.

The board also includes two members who are not considered independent because of their employment with the company, former chief executive Robert Gannacott, who is chairman, and current CEO Brendan Bell.