Paulson leads group slamming Goldcorp executive compensation
Goldcorp Inc. (G.TO) announced early Thursday its chairman, Ian Telfer, won’t be going along for the ride at Newmont Mining Corp. (NEM.N) after all.
In a short release, Goldcorp said Telfer had informed Newmont of his decision and that he’s focused on ensuring Goldcorp shareholders throw their support behind the company’s proposed sale to Newmont.
"I am excited about the creation of the world's premier gold mining company, Newmont Goldcorp, and appreciate Newmont's support in my decision to not join the board, as they have supported all of the agreements that have brought this merger together," Telfer said in a release.
When Newmont announced its US$10-billion takeover of Goldcorp in January, the companies said at the time that Telfer would become deputy chair of the combined company.
While no reason was given by Goldcorp Thursday for Telfer’s change of heart, his US$12-million “retirement allowance” associated with the takeover recently attracted scorn from the Shareholders’ Gold Council (SGC), a group of influential investors that includes John Paulson’s Paulson & Co.
“SGC welcomes Mr. Telfer’s recognition of the absurdity of his continuing as a director of the post-transaction company after he receives a gratuitous US$12-million retirement allowance,” the group said in a statement Thursday.
Goldcorp shareholders are scheduled to vote on the takeover by Newmont on Apr. 4.