Barrick Gold shareholders advised to back miner’s pay plan
Barrick Gold Corp. (TSX, NYSE:ABX) shareholders, who last year protested against the gold giant’s executive pay scheme, were advised Wednesday to approve the company’s latest compensation plan and director nominations.
Proxy advisory service Institutional Shareholder Services Inc., Reuters report, said in a note dated April 8 that Barrick has responded to shareholders' concerns, and that its revamped executive compensation plan should improve disclosure and better link the long-term interests of management and investors.
This is the same firm that last year called shareholders to vote against the Toronto-based company’s approach to compensation.
Last month the Toronto-based gold miner unveiled a strategy to pay the largest part of top executives' compensation in units that convert into the company's shares. The new scorecard system would not allow executives to sell the shares until they retire or leave the firm.
The latest compensation plan and director nominations in March followed a major a board shake-up in December.
Barrick is scheduled to hold its annual shareholder meeting and release its first-quarter earnings results on April 30.