Barrick Gold censured over exec compensation

Falling stocks and softening gold prices have caused discontent among Barrick Gold investors who are calling for closer scrutiny of executive compensation. The Canadian miner’s recent shareholders meeting saw more than 85% participants protesting against the $11.9 million signing-on bonus to recruit John Thornton as co-chairman last year, reports FT.com. Institutional investors such as the […]

By Staff | April 25, 2013 | Last updated on April 25, 2013

1 min read

Falling stocks and softening gold prices have caused discontent among Barrick Gold investors who are calling for closer scrutiny of executive compensation.

The Canadian miner’s recent shareholders meeting saw more than 85% participants protesting against the $11.9 million signing-on bonus to recruit John Thornton as co-chairman last year, reports FT.com.

Institutional investors such as the Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan are vehemently opposed to the payment calling it “disproportionate” and “not consistent with the governance principle of pay-for-performance.”