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Title : The Shareholders’ Gold Council (SGC) comments on the Newcorpse merger news
link : The Shareholders’ Gold Council (SGC) comments on the Newcorpse merger news

The Shareholders’ Gold Council (SGC) comments on the Newcorpse merger news

The band of industry players who got Detour to knuckle under has just released a comment on the news that Newmont is taking over Goldcorpse. Here ya go, fresh out the oven:

The Shareholders’ Gold Council (SGC) expresses its disappointment with the lack of alignment between Goldcorp CEO David Garofalo’s pay and incentives and the interests of Goldcorp’s shareholders. Since Mr. Garofalo’s appointment as CEO on February 29, 2016, Goldcorp’s stock price has fallen by 26%, while its peers, as measured by the GDX, have risen by 10% and the price of gold is up 4%. As CEO, Mr. Garofalo received over Cdn. $16 million in aggregate compensation during 2016 and 2017 alone. His 2018 compensation is not yet publicly disclosed. According to Goldcorp’s most recent information circular, Mr. Garofalo now stands to make up to an additional approximately Cdn. $11 million under his change of control provisions. While Mr. Garofalo has been massively overpaid, stockholders have lost over Cdn.$3.7 billion since his appointment, and Goldcorp now wants to sell itself at only a slight premium to its 1,3,5,7 and 10-year low in share price. The merger with Newmont is only a victory for shareholders in as much as it eliminates another gold company with executive incentives that are grossly misaligned with those of shareholders.

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