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Gold investors target 'excessive' executive payouts amid deals
By Jeff Lewis and Helen Reid
Tuesday, January 12, 2021
Gold investors critical of lavish executive payouts plan to vote down compensation at upcoming annual shareholder meetings, as soaring prices for the precious metal spur dealmaking.
It is the latest knock against an industry that had only recently won back investor favor after being shunned due to disappointing returns.
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Miners that overspent on acquisitions in the 2011 gold boom have curbed premiums that led to billions in impairments when prices later crashed.
But investors say change-of-control provisions allowing for multi-million dollar executive windfalls remain commonplace.
"It's excessive and something that we don’t like to see as shareholders," said portfolio manager Joe Foster at Van Eck Associates Corp, which holds shares in Barrick Gold Corp, Newmont Corp and other gold miners.
"These CEOs, they all have nice pay packages as it is," he said, adding that he plans to use "say on pay" proxy votes, and meetings with management, to express his view. ...
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