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 packagFlorida State Board of Administrationillion 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.