05:08:19 EDT Fri 26 Apr 2024
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or Name
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,708
Close 2015-04-17 C$ 15.62
Market Cap C$ 18,192,140,839
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FP says pension funds won't vote for Barrick directors

2015-04-20 07:47 ET - In the News

The Financial Post reports in its Saturday edition Barrick Gold is facing an investor revolt ahead of its annual meeting for the second time in three years. The Post's Peter Koven writes both Ontario Teachers' Pension Plan and B.C. Investment Management Corp. (BCIMC) plan to vote against all of Barrick's directors. A Dutch pension fund, PGGM Vermogensbeheer BV, also said it will not support them. "We have now lost confidence in the ability of the directors to effectively exercise their duties to our level of satisfaction. Therefore, we cannot support any of the director nominees," Teachers said in a statement. BCIMC added the board has not been responsive to shareholders, as the directors do not meet the fund's "board refreshment expectations." Pension funds ganged up on Barrick before its 2013 annual meeting, complaining about chairman John Thornton's $11.9-million (U.S.) "signing bonus" in 2012. The funds still do not think Barrick is aligning pay with performance properly, and Mr. Thornton remains a point of contention. He was paid a whopping $12.9-million (U.S.) last year, even though Barrick's stock plunged 33 per cent. Teachers and BCIMC own less than 1 per cent of Barrick's stock combined.

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