19:38:36 EDT Sun 05 May 2024
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Barrick Gold Corp
Symbol ABX
Shares Issued 1,755,636,101
Close 2024-04-19 C$ 23.53
Market Cap C$ 41,310,117,457
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Globe says Barrick gravy train rolls on despite deaths

2024-04-22 08:22 ET - In the News

The Globe and Mail reports in its Saturday edition that proxy advisory firm Glass Lewis is censuring Barrick Gold for paying its executive team excessive cash bonuses in a year the company reported five fatalities at its mine sites. The Globe's Niall McGee writes that Glass Lewis in its recent proxy paper recommends investors vote against Barrick's non-binding vote on executive compensation at its annual meeting because of the disconnect between pay and performance at the company around safety. It said Barrick's own assessment of its safety record is itself an issue. Glass Lewis also recommended that investors withhold their votes for three directors, Christopher Coleman, Brian Greenspun and Brett Harvey, who all sit on the compensation committee. Many investors rely heavily on proxy advisory firms before casting their votes in annual meetings. Barrick has lost several say-on-pay votes in the past. While say on pay is non-binding, the optics of losing a vote look bad, and companies often take action as a result. Chief executive officer Mark Bristow earned $12.7-million (U.S.) last year, including a bonus of $4.1-million (U.S.). Barrick's safety record is significantly worse than its biggest competitor, Newmont Gold.

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