(Adds detail on ISS's assessment, background)
By Allison Martell
TORONTO, April 9 Barrick Gold Corp's
push to improve governance has won the approval of influential
proxy adviser ISS, which is recommending that clients vote with
the board at the miner's annual meeting, according to a report
obtained by Reuters.
Institutional Shareholder Services is recommending a vote in
favor of Barrick's revamped executive compensation plan, as well
as all of its board nominees, at the April 30 meeting.
Last year ISS, along with rival adviser Glass Lewis,
recommended that clients vote against a non-binding pay
resolution, which was soundly rejected.
Barrick in March unveiled a plan to pay the largest part of
top executives' compensation in units that convert into the
company's shares. Executives cannot sell the shares until they
retire or leave the company.
ISS said Barrick had responded to shareholders' concerns,
and the changes should improve disclosure and better link the
long-term interests of management and investors.
Barrick announced a board shake-up in December, saying two
longtime directors would not stand for re-election and naming
four new nominees. It also confirmed that founder and Chairman
Peter Munk would step down.
(Editing by Lisa Von Ahn)