The Globe and Mail reports in its Friday edition shareholders of Barrick Gold gave an overwhelming thumbs-down to the company's compensation plan at the gold miner's annual meeting this week.
The Globe's Janet McFarland writes the voting results shows investors voted 85.2 per cent against the compensation plan and just 14.8 per cent in favour.
Canada has never seen a company get such low support on a say-on-pay vote, a non-binding advisory. The only Canadian firm to previously lose such a vote was pharmaceutical company QLT Inc., which got just 42-per-cent support last year.
Barrick announced Wednesday at its meeting the say-on-pay vote had been defeated, but only disclosed the detailed voting results in a later regulatory filing.
The filing also showed a significant protest vote against directors on Barrick's compensation committee, although none failed to get at least 50-per-cent support. Less than that would have triggered the company's "majority voting" rules and required directors to tender their resignations.
The three members of Barrick's compensation committee each got 72- to 73-per-cent support of shareholders. A Barrick spokesman said Thursday the company had no further comment on the vote.
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