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TORONTO – After shareholders approved Goldcorp Inc.’s “say on pay” resolution at its annual meeting on Thursday, chairman Ian Telfer fired off a zinger at the proxy advisory firm that recommended against it.
“The ‘Glass Lewis’ is half empty, not half full,” he quipped, referring to Glass Lewis & Co. “Because 90 per cent of shareholders ignored their advice.”
Glass Lewis also advised shareholders to vote against the executive compensation packages at Barrick Gold Corp. and Yamana Gold Inc. And in both cases, an overwhelming majority of investors rejected those plans at annual meetings this week.
But it appears the Glass Lewis recommendation on Goldcorp got little to no traction, as 89 per cent ofshareholder votes were in favour of the company’s compensation plan. Chief executive Chuck Jeannes told reporters after the meeting in Toronto that he was “thrilled” with the result, which is non-binding.
“I was disappointed in the Glass Lewis recommendation. I don’t think it made sense because it was based on a comparison of our financial results with companies outside our sector,” he said.
Vancouver-based Goldcorp did not have a great year in 2014, as it missed production guidance and had some operating issues. But Jeannes, who earned US$8.5 million, noted that his bonus and his overall pay both declined significantly from the prior year.
“I think our investors saw that, they understood it, (and) they felt that there was a proper connection between our compensation and their experience as a shareholder,” he said.
At the annual meeting, both Jeannes and Telfer stressed Goldcorp’s strong financial condition and said it is well positioned for whenever gold prices recover.
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