Randgold Resources defends its share award for chief executive

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AFRICAN miner Randgold Resources has granted its chief executive more than 50,000 shares despite almost four in ten investors voting against the plan yesterday.

The board said last night it was “gratified that a large majority of shareholders recognised the merits of the award” to Mark Bristow, which were given in recognition of ten years of “outstanding contribution” to the company.

Investors approved the plan by 60.96 per cent to 39.04 per cent. All other measures at yesterday’s annual meeting passed with at least 96 per cent support.

Randgold said it was particularly pleased at the outcome given some investor advisory firms warned against the package. Pirc described the shares as a “reward for continued normal operation”.

Bristow’s new shares, which will vest after three years, would be worth £2.6m at yesterday’s price.