BCI to oppose proposed Goldcorp and Newmont Mining merger
The British Columbia Investment Management Corp. said on April 4, 2019 it will vote against the proposed merger of Goldcorp Inc. and Newmont Mining Corp., highlighting its disapproval of a $US12 million retirement allowance for Goldcorp’s chair.
“The retirement allowance is almost triple the previously disclosed entitlement of US$4.5 million,” said the BCI in a press release. “This is inconsistent with the governance principle of pay-for-performance and sets a troubling precedent in the capital markets.”
As a long-term investor, the BCI highlighted the value it places on good corporate governance, noting compensation practices are a key component. Read Full Article - Canadian Investment Review, March 27, 2019