Barrick Gold Corp. shareholders ratified an executive compensation package with 80% of the vote despite opposition from the Canada Pension Plan Investment Board and the Ontario Teachers' Pension Plan.
The $183.3 billion California State Teachers' Retirement System, West Sacramento, and the $177.9 billion Florida State Board of Administration, Tallahassee, voted in favor of the package.
Andy Lloyd, Barrick vice president of communications, who provided the say-on-pay voting results, said results of voting on directors wasn't available.
The C$201.5 billion (US$182.6 billion) CPPIB and the C$140.8 billion OTPP, both based in Toronto, each cited in separate statements concerns about discretionary awards to the co-chairman, John L. Thornton, for their opposition. Mr. Thornton is set to succeed Peter Munk as chairman after Mr. Munk's previously announced retirement.
The shareholder vote on the compensation is non-binding.
