At the end, it's all about Rio Tinto..."...Overall it will thus be down to the long-suffering shareholders of Minera IRL to vote on whether to dismiss the current board and set up the proposed new slate of directors – all of whom have first rate mining and associated backgrounds. Going by the strength of the vote which dismissed Daryl Hodges from his executive chairmanship and from the board (around 92%) one suspects the Benavides camp will have the upper hand, but ultimately it may all boil down to which way the company’s biggest shareholder – Rio Tinto – with around 20% of the shares, casts its vote and both sides will be putting their positions forward to the mining giant.
Source: https://lawrieongold.com/2015/10/28/minera-irl-aim-tsx-and-lima-listed-peruvian-gold-miner-in-turmoil/