CPPIB joins chorus against Barrick's executive pay structure

Fri Apr 24, 2015 7:22am EDT
 
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TORONTO, April 24 (Reuters) - The Canada Pension Plan Investment Board, the country's largest pension fund manager, on Friday joined a slew of other investors opposing Barrick Gold Corp's executive pay structure.

Toronto-based CPPIB said it plans to come out against the advisory vote on executive compensation that Barrick will be having at its annual shareholder meeting next week. It also said it plans to withhold support from Brett Harvey, one of Barrick's board members and the chair of its compensation committee.

Last week, two smaller Canadian pension funds, the British Columbia Investment Management Corp (BCIMC) and the Ontario Teachers' Pension Plan Board, said they plan to withhold support from Barrick's entire board in light of their concerns with Barrick's executive compensation package. (Reporting by Euan Rocha; Editing by Chizu Nomiyama)