Boston, MA 04/16/2014 (wallstreetpr) – Barrick Gold Corporation (USA) (NYSE:ABX)’s shareholders have in the recent past revolted against the company’s proposed pay package to its top executives. Now, they are being advised to vote in favor of the latest plan. The world largest gold producer has confirmed it has factored in shareholder’s concerns, coming up with a new governance structure as well as a compensation plan.
Last year, Institutional Shareholders Services (ISS) had advised shareholders to vote against the company’s pay package but has consequently lessened its stance after reviewing the new pay package plan. Barrick compensation package that amounted to $11.9 million to its Co chairman John Thornton had been resented and done with after investors raised concerns that the company was setting up a “troubling precedent”.
Barrick Gold Corporation (USA) (NYSE:ABX)’s shareholders had voted unanimously at 85% against the proposed pay pack page, the change in heart shows the company’s management responsiveness in addressing its shareholders concerns.
Barrick sales its stake in Manigold
Barrick gold has closed the sale of its 33% stake in Manigold mine to Silver Standard Resources Inc. (SSR). The total sale is thought to be worth $86 million with Goldcorp Inc. (GG) remaining the majority shareholder at 66.7%
The sale of the Manigold is part of Barrick to shed off some of its high running costs assets as the company tries to shed off some of its weight in terms of debt. The sale of the mine comes at the back of Barrick reporting a drop of 29.5% in terms of revenue for 2013 that came in at $2926 million.
The giant gold company continues to struggle with a drop in gold prices which have dropped to $1272 per ounce, down by 25.8% on a year over year basis. Barrick Gold Corporation (USA) (NYSE:ABX) has thus announced plans to divest most of its high cost and no core assets with a total consideration of $1 billion. The latest move is aimed at strengthening the company’s top line as well as its overall quality portfolio.
