Barrick Gold Corp., the world’s largest producer of the metal, said David Naylor will step down as a director a month after investors rejected an executive pay plan.
Naylor, who was nominated as an independent director in December 2013, has decided to resume his academic duties full-time, the Toronto-based company said Monday in a statement.
More than 73 percent of Barrick’s shareholders voted against the latest executive compensation plan at its annual meeting on April 28. It was the second time in three years investors rejected company compensation policies. Dutch pension fund manager PGGM Vermogensbeheer BV said in April it hasn’t seen any improvement in corporate-governance since the previous year’s shareholders meeting.
Naylor joined the board following criticism of Barrick’s corporate-governance practices. In 2013, Barrick investors including Canada’s six biggest pension fund managers called an $11.9 million signing bonus paid to then co-chairman John Thornton excessive.