NEWS
04/28/2015 10:29 EDT | Updated 06/28/2015 01:12 EDT

Say on pay: investors to speak up at Barrick Gold shareholder meeting

TORONTO - Barrick Gold chairman John Thornton says the miner will revamp its approach to executive compensation after preliminary results suggest a majority of its shareholders have voted against the company's say-on-pay resolution.Thornton told shareholders that the company has heard them loud and clear at Barrick's annual meeting today.He says early results from its shareholder vote on executive compensation suggest 75 per cent have voted against the motion.The Canada Pension Plan Investment Board said last week it would be voting against the miner's say-on-pay plan and would withhold its vote for the head of Barrick's committee for executive compensation, Brett Harvey.The concerns, raised by other institutional investors, centre around Thornton's paycheque, which grew to $12.9 million in 2014 from $9.5 million the previous year -- all while Barrick's financial performance weakened.Follow Alexandra Posadzki on Twitter @alexposadzki