Goldcorp chair reprimanded by Canada securities regulator

Fri Sep 20, 2013 2:49pm EDT
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By Allison Martell

TORONTO (Reuters) - Ian Telfer, chairman of miner Goldcorp Inc, was reprimanded by Canada's top securities regulator on Friday as part of a settlement linked to an insider trading probe.

Telfer was not accused of insider trading, but of assisting someone who regulators allege did engage in insider trading in a small shell company, 222 Pizza Express Corp, that later became Gold Wheaton and was taken over by Franco-Nevada Corp in a C$830 million ($813 million) deal in 2011.

"Mr. Telfer at the time believed his conduct was proper, but he has acknowledged that in hindsight it fell below the standards," Telfer's lawyer, Kevin Richard, said at a hearing at which the settlement was approved.

Reached by email, Telfer declined to comment.

Telfer is a high-profile mining entrepreneur who has served as chairman of Goldcorp, the world's biggest gold miner by market capitalization, since 2006. He is non-executive chairman of Uranium One Inc.

He is also chairman of the World Gold Council, an industry group. In an emailed statement, the World Gold Council called the case "a private matter" not related to Telfer's duties at that organization, and declined to comment further.

Goldcorp did not immediately respond to a request for comment.

The settlement with the Ontario Securities Commission (OSC) said Telfer advised Eda Marie Agueci, a GMP Securities executive assistant, that she should not purchase shares of the shell company in her own name.   Continued...

Ian Telfer, chairman of Goldcorp, speaks to an interviewer during a Canada-Asia dialogue conference in Vancouver, British Columbia September 6, 2012. REUTERS/Ben Nelms