Goldcorp Inc. says its long-time chairman will not be joining the board of Newmont Mining Corp. after an outcry over a huge bump in his retirement benefits.
Last week, Goldcorp’s board approved a near-tripling of Ian Telfer’s retirement benefit to US$12-million from US$4.5-million. The cash is payable to Mr. Telfer should Newmont succeed in its plans to buy the Vancouver-based miner. In explanation for the increase, Goldcorp has said Mr. Telfer’s compensation has not historically been adjusted for inflation.
The arrangement was met with scorn by some stakeholders, especially considering Mr. Telfer agreed to sell Goldcorp near a historic low in its stock price.