Barrick Gold investors protest in executive pay vote


Liezel Hill and Scott Deveau
Bloomberg News
Tuesday, April 28, 2015

Barrick Gold Corp. plans to re-examine its executive compensation after shareholders expressed disapproval of the company's policies again this year.

Barrick announced at its annual general meeting in Toronto on Tuesday that shareholders had voted against a nonbinding advisory resolution on its approach to executive pay. Executive Chairman John Thornton said he has heard shareholder complaints and will work to address their concerns over pay.

Barrick's compensation and governance have come under scrutiny in the past two years after the company revealed in 2013 that Thornton, then a co-chairman, received an $11.9 million signing bonus.

While the company has since overhauled the way it determines senior executives' pay, three of Canada's largest pension funds said this month that they would vote against Tuesday's compensation resolution after Thornton got a 36 percent increase in 2014 compensation.

Barrick's compensation program "is structured in a way that does not align pay with performance," and the compensation committee hasn't been responsive to shareholders' concerns, British Columbia Investment Management Corp. said on its website. BCIMC also criticized the make-up of Barrick's board, while Ontario Teachers' Pension Plan complained about insufficient mining-industry expertise among the company's directors. ...

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