About the Company

Trustees of the Trust of Great Northern Iron Ore Properties


The Board of Trustees was comprised of the following four individuals:

 

Joseph S. Micallef - Mr. Micallef had been a Trustee since 1976 and the President of the Trustees since 1999. Pursuant to the Trust Agreement, the President of the Trustees (aka Chairman of the Board) is also defined as the “active manager and executive officer in carrying on the business devolving on the trustees” (aka Chief Executive Officer). Mr. Micallef was a 1962 graduate of William Mitchell College of Law. His principal occupation for over 25 years was that of President and Chief Executive Officer of Fiduciary Counselling, Inc., whose principal business is to provide accounting, tax and investment services to individuals, trusts, partnerships, holding companies and foundations. He also served on the William Mitchell College of Law Board of Directors as of 2009. Mr. Micallef is recognized for his considerable experience with trusts, estate planning and charitable foundations, and service on a number of foundation boards.

 

Roger W. Staehle - Dr. Staehle had been a Trustee since 1982. He passed away on January 16, 2017. Dr. Staehle was the Dean of the Institute of Technology at the University of Minnesota from 1979 to 1983 as well as Professor of Chemical Engineering and Materials Science from 1979 to 1987. He was an Adjunct Professor in that department until 2012. Prior to the University of Minnesota, he was Professor of Metallurgical Engineering at Ohio State University from 1965 to 1979. His specialty was in the degradation and prediction of materials especially in nuclear energy applications. He was elected to the National Academy of Engineering in 1978 and is a Fellow of three technical societies. In addition, he was the International Nickel Professor of Corrosion Science and Engineering at Ohio State University. He was also an editor of over 20 books in his field. At Ohio State University an academic chair had been created in his honor. Dr. Staehle was recognized as a worldwide consultant to governments and industries on the safe and reliable performance of nuclear reactors. He was an expert in metallurgy and minerals.

 

Robert A. Stein - Mr. Stein had been a Trustee since 1982. He was the Dean of the Law School of the University of Minnesota from 1979 to 1994, though he has been affiliated with the Law School since 1964. Beginning in 1994 and until October 2006, he also served as Executive Director and Chief Operating Officer of the American Bar Association. He now holds the Everett Fraser Professor of Law position with the Law School at the University of Minnesota. His legal career has concentrated on estates, trusts, property law, estate planning and fiduciary obligations. Mr. Stein is recognized as an authority on trusts and trust law and has authored numerous publications on these topics. He also served as the Trust’s Audit Committee Chairman.

 

James E. Swearingen - Mr. Swearingen had been a Trustee since 2009. Mr. Swearingen formerly managed the largest mining operation in North America, which is U.S. Steel’s Minntac taconite facility in northeastern Minnesota on the Mesabi Iron Range, serving as General Manager of their Minnesota Ore Operations. He has also previously served as the co-chair on the Governor’s Committee on Minnesota’s Mining Future, as a director of the Iron Mining Association of Minnesota, as a director of the American Iron Ore Association, as a director and chief financial officer of PolyMet Mining Corporation, and as a consultant in the mining industry. He is currently an advisor to the University of Minnesota’s Natural Resource Research Institute. Mr. Swearingen is recognized for his considerable experience in the taconite mining industry.

 

The Audit Committee was comprised of the three Trustees excluding the President. The Audit Committee generally met twice each year with the external auditors to discuss new financial and reporting developments, annual audit results, internal controls, audit scope and fees and the Audit Committee Charter. In addition, the Audit Committee met quarterly during the interim of the year primarily to review and address the results of the quarterly internal audit reports.