Barrick Shareholders Approve $750 Million Return of Capital Distribution
May 04 2021 - 3:38PM
At today’s virtual annual and special meeting of Barrick Gold
Corporation (NYSE:GOLD)(TSX:ABX), the $750 million return of
capital distribution proposed by the company’s board was supported
by over 99% of the shares voted at the meeting. This will be paid
in three tranches in the course of 2021.
More than 90% of the shares voted also approved
resolutions on the election of directors and Barrick’s approach to
executive compensation, in what executive chairman John Thornton
said was a strong show of support for Barrick’s long-term growth
strategy.
“As owners of five of the top ten gold producing
operations in the world and with strong cashflows, no net debt and
a 10-year plan based primarily on declared reserves and resources,
we believe that our sustainable profitability is not yet recognized
in the share price,” Thornton said.
“What is clear is that the industry is not
replacing what it is mining. The real winners will be the companies
who grow their businesses for the long-term, rather than focusing
on short-term gains, extending 10-year plans to 15 and even 20
years, which is what Barrick is doing.”
Barrick is well on its way to becoming the
industry’s most valued company, not least in ESG, which has become
a key investment criterion. Its principles have long been embedded
in every facet of the business, as our recently published
sustainability report emphatically shows. This has also been
recognized by third parties as shown in the proxy advisory reports
for the meeting when ISS gave the company their highest quality
score for environmental and social disclosure. Similarly, the Glass
Lewis report highlighted Barrick’s strong management of
sustainability risks at the executive and Board level, and noted
that they consider our ESG reporting to be ahead of many of our
peers.
Detailed results of the vote for the election of
directors, the appointment of auditors, the advisory resolution on
executive compensation and the special resolution for the return of
capital are set out below:
Nominee |
Votes For |
% For |
Votes Withheld |
% Withheld |
D Mark Bristow |
1,075,401,068 |
98.16% |
20,110,247 |
1.84% |
Gustavo A Cisneros |
1,019,349,837 |
93.05% |
76,161,478 |
6.95% |
Christopher L Coleman |
1,050,723,491 |
95.91% |
44,787,824 |
4.09% |
J Michael Evans |
1,091,364,618 |
99.62% |
4,146,697 |
0.38% |
Brian L Greenspun |
1,059,060,287 |
96.67% |
36,451,028 |
3.33% |
J Brett Harvey |
1,033,202,832 |
94.31% |
62,308,483 |
5.69% |
Anne Kabagambe |
1,092,684,865 |
99.74% |
2,826,450 |
0.26% |
Andrew J Quinn |
1,091,763,066 |
99.66% |
3,748,249 |
0.34% |
Loreto Silva |
1,069,340,839 |
97.61% |
26,170,476 |
2.39% |
John L Thornton |
989,758,224 |
90.35% |
105,753,091 |
9.65% |
Voting results for the resolution approving the
appointment of the auditor are as follows:
Votes For |
% For |
Votes Withheld |
% Withheld |
1,100,915,261 |
90.85% |
110,897,060 |
9.15% |
Voting results for the advisory resolution on
executive compensation are as follows:
Votes For |
% For |
Votes Against |
% Against |
1,001,351,933 |
91.41% |
94,109,919 |
8.59% |
Voting results for the special resolution to
approve the capital reduction in order to enable the return of
capital are as follows:
Votes For |
% For |
Votes Against |
% Against |
1,207,550,978 |
99.65% |
4,255,991 |
0.35% |
Enquiries
President and CEOMark Bristow+1 647 205 7694+44 788
071 1386
Senior EVP and CFOGraham Shuttleworth+1 647 262
2095+44 779 771 1338
Investor and Media RelationsKathy du Plessis+44 20
7557 7738Email: barrick@dpapr.com
Website: www.barrick.com
Cautionary Statement on Forward-Looking
Information
Certain information contained in this press
release, including any information as to Barrick’s strategy, plans,
or future financial or operating performance, constitutes
“forward-looking statements”. All statements, other than statements
of historical fact, are forward-looking statements. The words
“will”, “believe”, “strategy” and similar expressions identify
forward-looking statements. In particular, this press release
contains forward-looking statements including, without limitation,
with respect to Barrick’s prospects for future growth, share price
performance, life-of-mine planning and sustainable profitability
over the long term.
Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by Barrick as at the date of this press release in light
of management’s experience and perception of current conditions and
expected developments, are inherently subject to significant
business, economic, and competitive uncertainties and
contingencies. Forward-looking information involves known and
unknown risks, uncertainties, assumptions, and other factors that
may cause the actual results, performance, or achievements of the
company, as applicable, to be materially different from those
anticipated, estimated, or intended.
Specific reference is made to the most recent Form
40-F/Annual Information Form on file with the SEC and Canadian
provincial securities regulatory authorities for a detailed
discussion of some of the factors underlying forward-looking
statements, and the risks that may affect Barrick’s ability to
achieve the expectations set forth in the forward-looking
statements contained in this press release.
Barrick disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise, except as required
by applicable law.
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