03:02:11 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,751,981,799
Close 2019-03-07 C$ 16.97
Market Cap C$ 29,731,131,129
Recent Sedar Documents

Globe says Goldcorp's Telfer poised for big payout

2019-03-08 08:26 ET - In the News

See In the News (C-G) Goldcorp Inc (2)

The Globe and Mail reports in its Friday edition that Ian Telfer is poised for a big payout if Newmont Mining succeeds in its $10-billion acquisition of Goldcorp (all figures U.S.). The Globe's Niall McGee and David Milstead write that Mr. Telfer would be entitled to a lump sum retirement cash payment of $12-million, Goldcorp said in a filing on Thursday. Previously, it had said he would receive $4.5-million upon retirement. Goldcorp said it approved the increase, tied to the Newmont deal, partly because of Mr. Telfer's role as "strategic leader" of the company since he became chairman in 2006. In January, with its shares trading near a historic low, Goldcorp agreed to a sale to Newmont. The success of the deal was initially seen as a forgone conclusion. Last week, however, Barrick Gold proposed a $17.8-billion acquisition of Newmont. If that deal succeeds, Newmont must cancel its plans to buy Goldcorp. As chairman, Mr. Telfer made $1-million in 2017, however, more than four times higher than the next-best compensated director Bev Briscoe. His compensation for 2018 has not yet been disclosed. MacKenzie Investments' Benoit Gervais said the bump in the retirement payment to Mr. Telfer is "preposterous."

© 2024 Canjex Publishing Ltd. All rights reserved.