Randgold Resources: Investors rebel against boss’s award

Investors in London-listed Randgold Resources staged a rebellion against a $4 million (R36m) share award for the company’s boss on Monday, with 39 percent voting against the package. The company proposed the one-off award for its chief executive Mark Bristow at the annual meeting on Monday, describing it as a “career shares” award conditional upon his continued employment and milestones being reached at the Kibali mine in the Democratic Republic of Congo. “This excessive award serves only to reward for the continued normal operation of the company, and therefore falls far short of best practice,” advisory group PIRC said ahead of the meeting. Bristow is credited by analysts with keeping Randgold on track at a time when other gold producers in Africa are struggling. – Reuters