MONTREAL, April 19, 2013 /CNW Telbec/ - The undersigned institutional
investors who collectively steward assets of$916 billion,are concerned by
the decision of Barrick Gold Corporation to award an $11.9-million
bonuspayment to their co-Chairman, JohnL.Thornton, appointed in June
2012. This amount, for a signing bonus for a co-Chairman of the Board is, to
our knowledge, unprecedented in Canada and is in addition to other
compensation for the year for a total package of $17 million in 2012. This
compensation is inconsistent with the governance principle of
pay-for-performance and is therefore disproportionate and sets a troubling
precedent in Canadian capital markets.
Accordingly, the undersigned will vote against both the Advisory Resolution on
Executive Compensation and the election of the members of the Compensation
Committee at the Barrick Gold Annual General Meeting. We have expressed our
concern in a letter to the Chairman of the Board.
The undersigned represent seven of the largest institutional investors in
Canada. Hermes Equity Ownership Services (Hermes - EOS) represents assets on
behalf of more than 30 major institutional funds worldwide.
-- Alberta Investment Management Corp. (AIMCo)
-- British Columbia Investment Management Corporation (bcIMC)
-- Caisse de dépôt et placement du Québec (CDPQ)
-- Canada Pension Plan Investment Board (CPPIB)
-- Hermes Equity Ownership Services (Hermes - EOS)
-- Ontario Municipal Employees Retirement System (OMERS)
-- Ontario Teachers' Pension Plan (OTTP)
-- Public Sector Pension Investment Board (PSP Investments)
Marie Giguère Executive Vice-President, Legal Affairs and Secretariat Caisse
de dépôt et placement du Québec 514-847-2898.
SOURCE: CAISSE DE DEPOT ET PLACEMENT DU QUEBEC
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-0- Apr/19/2013 14:31 GMT
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