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Macod

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Even the largest gold company in the world has disgruntled shareholders.

posted on Sep 17, 2013 10:41AM

Shareholders ramp up pressure on Barrick for boardroom shakeup

Barrick Gold's (ABX) large investors have been increasing the pressure on founder and co-Chairman Peter Munk to say when he'll step down.
The 85-year old, though, has given no indication that he will retire anytime soon, which could set up a showdown with shareholders.
Investors also want Barrick to bring in new independent directors, although the board is divided at the rate at which the changes should be made.
The dispute comes amid a 50% slump in Barrick's stock price this year and falling gold prices.
"The company has become Peter's entity, and his succession, and the board itself, has become one of the problems," said John Ing, President of Barrick shareholder Maison Placements Canada.

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