Goldcorp’s Ian Telfer gives up director seat at Newmont amid outcry over retirement payment [Toronto Globe and Mail (Ontario, Canada)]
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Source: Toronto Globe and Mail
Goldcorp’s Ian Telfer gives up director seat at Newmont amid outcry over retirement payment After an outcry over a huge bump in his retirement benefits, Goldcorp Inc.’s chairman Ian Telfer won’t be joining the board of Newmont Mining Corp. after all. Last week, Goldcorp’s board approved a near-tripling in Mr. Telfer’s retirement cash benefit to US$12-million from US$4.5-million that is payable should Newmont succeed in its plans to buy Goldcorp. Late Wednesday, Goldcorp said in a statement that Mr. Telfer wouldn’t be joining Newmont’s board as deputy chair and instead will focus on convincing Goldcorp shareholders to approve the acquisition by Newmont. Story continues below advertisement Earlier this week, Joe Foster, portfolio manager with VanEck, which is Goldcorp’s biggest shareholder and Newmont’s third biggest, told The Globe and Mail he was “appalled” by the payment to Mr. Telfer, in light of the disastrous long-term performance of the company’s shares. In January, Mr. Telfer ag
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