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Barrick Gold Corp
Symbol ABX
Shares Issued 1,165,081,379
Close 2016-04-26 C$ 20.78
Market Cap C$ 24,210,391,056
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Globe says Barrick investors okay with Thornton's pay

2016-04-27 08:14 ET - In the News

The Globe and Mail reports in its Wednesday edition that Barrick executive chairman John Thornton's pay package had been a lightning rod for criticism in the past, but with Barrick stock on the rise, the mood has changed. The Globe's Ian McGugan writes that many investors objected to Mr. Thornton's generous compensation during a period in which the company's share price was in freefall. Shareholders twice voted against his arrangement in non-binding "say-on-pay" resolutions. However, this year's resolution on executive compensation received strong support from shareholders, with about 91 per cent voting in favour. The vote probably reflected Mr. Thornton's decision, announced a month ago, to forfeit his bonuses and make do with $3.1-million in total compensation (all figures U.S.). It also suggests a growing comfort level with recent results. The miner said its first-quarter loss of $83-million was because of one-time foreign currency losses. Barrick's all-in sustaining costs -- or how much money it takes to produce an ounce of gold -- tumbled to $706. That is far below the $927 an ounce that Barrick notched in the same quarter of 2015. Barrick closed Tuesday at $16.48, up 37 cents in New York.

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