A coalition of heavyweight investors is calling on the global gold industry to improve its performance in several key metrics, even as the share prices of many gold companies hit multiyear highs amid a soaring commodity price.
This year, the TSX Global Gold Index, which includes many of the biggest gold companies in the world, is up 41 per cent, driven in large part by outperformance of the price of gold bullion.
Historically sought out as a safe-haven investment in times of great upheaval, gold prices recently hit new record highs, driven by extraordinary uncertainty in financial markets owing to the COVID-19 pandemic.
“Though the performance of gold mining stocks has been noteworthy recently, we believe that performance continues to fall short in the areas of corporate governance, alignment of incentives and strategic vision and communication with investors,” the investors said an open letter published on Sunday, on the eve of the Denver Gold Forum, an annual gathering of the biggest companies in the industry.
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