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Tuesday, Oct 8
Barrick board should be two-thirds independent, fund says
- Ontario Teachers’ Pension Plan says at least two-thirds of Barrick Gold’s (ABX -0.8%) board should be made independent and wants the compensation plan changed to be more in line with other companies in Canada.
- It's the first major institutional investor in ABX to publicly give details about proposed changes at the gold producer’s board, which has come under increasing scrutiny this year after a slump in gold prices and billions of dollars of writedowns.
- ABX says it expects progress on the initiatives by the end of the year; seven out of 13 current ABX directors are independent.