AI
Saturday, April 06, 2019 1:06:09 PM
Goldcorp: 'Anything but my Payment' -
Goldcorp Inc. (G:TSX; GG:NYSE, US$11.52) looks set to be acquired by Newmont, but not without continuing controversy, particularly over chairman Ian Telfer's egregious "retirement allowance" payment, almost tripled after the acquisition announcement. After my comments last bulletin, I was invited onto BNN/Bloomberg to discuss the merger. See TV interview here. The response was overwhelming, and positive.
Following the noisy opposition, Newmont and Goldcorp announced that Telfer would not be continuing as vice chairman of the combined company. But Telfer keeps his payment.
A few Newmont shareholders weighed in, saying Goldcorp should not benefit from the recent Newmont/Barrick Nevada joint venture, and opposing the large payment to Goldcorp's chairman. Goldcorp agreed for current Newmont shareholders to receive an extra cash dividend. But Telfer keeps his payment.
Shareholders are down by about two-thirds since Telfer became chairman. But Telfer keeps his payment.
We are holding the shares for now. We have voted our shares against
the merger, opposing both the payment but also
the sale of the company close at barely one-third the share price
when Telfer took over in 2006. Confucius he say:
"To receive a salary when you have lost the Way, that is shameful."
Goldcorp Inc. (G:TSX; GG:NYSE, US$11.52) looks set to be acquired by Newmont, but not without continuing controversy, particularly over chairman Ian Telfer's egregious "retirement allowance" payment, almost tripled after the acquisition announcement. After my comments last bulletin, I was invited onto BNN/Bloomberg to discuss the merger. See TV interview here. The response was overwhelming, and positive.
Following the noisy opposition, Newmont and Goldcorp announced that Telfer would not be continuing as vice chairman of the combined company. But Telfer keeps his payment.
A few Newmont shareholders weighed in, saying Goldcorp should not benefit from the recent Newmont/Barrick Nevada joint venture, and opposing the large payment to Goldcorp's chairman. Goldcorp agreed for current Newmont shareholders to receive an extra cash dividend. But Telfer keeps his payment.
Shareholders are down by about two-thirds since Telfer became chairman. But Telfer keeps his payment.
We are holding the shares for now. We have voted our shares against
the merger, opposing both the payment but also
the sale of the company close at barely one-third the share price
when Telfer took over in 2006. Confucius he say:
"To receive a salary when you have lost the Way, that is shameful."
My opinions are my own and and DD I post should be confirmed as unbiased
