Barrick Gold Corporation has announced 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.
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“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 its 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 Barrick’s ESG reporting to be ahead of many of its peers.