A lucrative retirement package for the chairman of Goldcorp is raising the hackles of investors ahead of a key vote on the company’s planned merger with Newmont Mining.
Ian Telfer’s retirement allowance will rise to roughly $12-million from $4.5-million if the miners merge, according to a regulatory filing from Vancouver-based Goldcorp, once the world’s largest gold miner by market value. Initially, the plan was for Telfer, 72, to join Newmont’s board as deputy chairman. On Tuesday, Goldcorp announced he wouldn’t accept the new job.