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Barrick Gold Co-Chairman Compensation "Inconsistent" with Governance Principles; Institutions Oppose Payment

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Eight institutional investors who collectively steward assets of $916 billion, today expressed concern Barrick Gold Corporation (ABX.TO) to award an $11.9-million bonus payment to their co-Chairman, John L. Thornton, appointed in June 2012. "This amount, for a signing bonus for a co-Chairman of the Board is, to our knowledge, unprecedented in Canada and is in addition to other compensation for the year for a total package of $17 million in 2012," the institutions noted in a statemenet.

"This compensation is inconsistent with the governance principle of pay-for-performance and is therefore disproportionate and sets a troubling precedent in Canadian capital markets."

The investors, which include OMERS, Ontario Teachers' Pension Plan (OTTP)

Public Sector Pension Investment Board (PSP Investments) will vote against both the Advisory Resolution on Executive Compensation and the election of the members of the Compensation Committee at the Barrick Gold Annual General Meeting.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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