Barrick faces heat from top Canadian pension funds

Fri Apr 19, 2013 10:52am EDT
 
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TORONTO, April 19 (Reuters) - A group of Canada's largest pension funds on Friday criticized Barrick Gold Corp's $11.9 million signing bonus for its Co-Chairman John Thornton, saying the payment was unprecedented in Canada.

Barrick, the world's largest gold producer, has gone through a turbulent patch this month as the price of gold has slumped, and construction work at one of its biggest projects has been partially halted due to a court order. Shares of the company have fallen more than 37 percent this month.

The group of pension funds, Alberta Investment Management Corp; British Columbia Investment Management Corporation; Caisse de dépôt et placement du Québec; Canada Pension Plan Investment Board; Hermes Equity Ownership Services; Ontario Municipal Employees Retirement System; Ontario Teachers' Pension Plan; Public Sector Pension Investment Board, said it would vote against Barrick's advisory resolution on executive compensation and the election of the members of the compensation committee at Barrick's annual meeting. (Reporting by Euan Rocha; Editing by Janet Guttsman)