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Friday, Sep 20
Barrick Gold feels impact of new activism from Europe's pension funds
- Barrick Gold (ABX) could be about to feel the impact of fund activism from... Amsterdam? The world’s largest gold miner is confronted with an unusual activist shareholder: a Dutch pension-fund manager for nurses and social workers.
- PGGM, one of Europe’s biggest institutional investors, wants to see ABX replace some of its long-serving directors with more independent directors and is pressing for a succession plan for founder and co-chairman Peter Munk.
- The move illustrates that the big but traditionally quiet Dutch pension funds, with ~€960B ($1.28T) in assets, are adopting a more activist approach as investors.