Disgruntled shareholders call for changes at Dominion Diamond Corp.

A disgruntled group of shareholders is calling for changes at the Dominion Diamond Corporation, the biggest home-grown player in the Northwest Territories diamond industry.

Investors will meet with directors in January to outline plan for company's future

Some Dominion Diamond Corporation shareholders are upset at the way the company is being run and are demanding changes. (Dominion Diamond Corporation )

A disgruntled group of shareholders is calling for changes at the Dominion Diamond Corporation, the biggest home-grown player in the Northwest Territories diamond industry.

Some shareholders say the company hasn't done enough to prop up the price of its shares.

The company's stock has dropped by about 40 per cent this year.

"Part of the reason Dominion Diamond's stock price is sinking is the perception that the company does not have an aggressive growth strategy," said mining analyst John Kaiser.

"It has the Ekati and Diavik projects, their best times are over, they're in a depletion cycle. And of course [Dominion has] been hit by a weakness in diamond prices."

'Misguided policies and missed opportunities'

Shareholders are also upset by a $9.8 million payout to former CEO Robert Gannicott last summer. Gannicott, who remains chairman of the board of directors, received stock benefits as a part of that package, according to regulatory filings.

Shareholders say the drop in the companies shares is the result of "misguided policies and missed opportunities."

They'll meet with company brass in Vancouver Jan. 5 to present Dominion with a plan for the company's path forward.

The man on the hot seat in that meeting will be Brendan Bell, the former N.W.T. cabinet minister who was appointed CEO of Dominion last July.

In a news release, Dominion confirmed it has hired a financing company to look at ways to improve its share price but says no sales of assets are imminent.

And on Dec. 24, the company announced two directors, Fiona Perrott-Humphrey and Ollie Oliveira, have resigned from the board "for personal reasons." 

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