I can see your conflict and you'd be forgiven thinking GRR...

I can see your conflict and you'd be forgiven thinking GRR operates like a public listed company, to seek shareholder approvals before investing their returns for example....see below. Shagang Directors are likely forbidden to own shares and why would they want to ? The job of shagang directors is to keep pumping 2.4Mt/yr out like for the past 50 years, and meanwhile keep shareholders perspective and keep them being patient....the recent SP movement is entirely an externality due to Chinese policy on winter steel reduction...so there are good gains but not from anything the directors are responsible for.... but good luck BTW

Shagang has previously been deemed an associate of Grange's second and fourth biggest shareholders and, combined, the three companies control 58.43 per cent of Grange.
Under ASX and ASIC rules, Grange does not need shareholder approval before starting the new venture, and the company said there was no plan to offer shareholders a vote on the property scheme at this year's annual meeting.

"We have checked with the listing rules and within our constitution as well, and pre-approval by shareholders is not required at this time," said the Grange spokesman. "We think the concerned shareholders need to put this into perspective, and to be patient and give the management team and our board time to demonstrate what we think is the right decision and the right strategy for the company."