Gold mid-tiers’ Q3 2024 fundamentals
All-time-high gold prices combined with relatively-contained costs catapulted unit earnings to another epic record.
Canada’s former Foreign Affairs Minister, John Baird.
Canada’s former Foreign Affairs Minister, John Baird, who stepped down from cabinet in February, has drawn widespread criticism as the ex-politician has recently accepted two high-paying positions in the private sector.
On Friday, Barrick Gold (TSX:ABX) revealed in securities filings that Baird would join the global mining company’s advisory board on international affairs. And on Monday, Canadian Pacific (TSX:CP) filed regulatory documents that showed Baird has been nominated for a seat on the transportation giant’s board of directors.
While in office Baird received a lobbyist sent by Barrick to discuss international relations, mining and trade with him several times — most recently in May 2013.
At the time, the gold miner was lobbying Foreign Affairs over “export credit financing with respect to investment and availability of capital” and other issues.
Baird tweeted Monday that he cleared both appointments with the federal Ethics Commissioner first and “got the green light” to accept them.
According to the Ottawa Citizen, if Canadian Pacific shareholders elect Baird next May, he will earn $235,000 a year, and potentially more if he chairs one of several committees of board members.
“What’s disturbing here is we’re seeing this revolving door between very key industries and the cabinet,” NDP ethics critic Charlie Angus told The Star. “And the lobbying act doesn’t cover this kind of movement because people are being hired as advisers, not lobbyists.”
Canada’s Conservative government has made mining a important part of its foreign-strategy in recent years, by launching new aid programs in mineral-rich countries and establishing an institute on global mining policy.
Stephen Harper’s administration has shifted resources to helping Canadian companies win deals around the world as part of push for what it called economic diplomacy.
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8 Comments
gmfcobourgon
Why are there questions about these appointments? Serving as a High Profile Minister helping out his future employers is a total normal act in the world Con-economics. This continues to be the norm in these circles. Look at those running the Board of SNC Lavalin and others. Let’s not make any waves because as soon as the new C-51 comes into effect, questions about these appointments could be construed as interference in Canadian economic activities resulting in terrorist charges.
John_Doe
Basically people want to know details about the rules governing employment for former public office holders.
Denis_Antoine
They get elected, then secure positions at companies where they obviously supported them while in power.
This looks like a kickback for favors rendered disguised as a nomination to a board!!!
RCMP needs to investigate Ministers, MP’s , Senators and Party Members / Organizers/ Bagmen named to Boards of Private companies !!
This is incredible!
golddigger69
If this is Barrick’s plan to dig themselves out of the hole they are in, it would seem that the just ordered more shovels.
Quincy Hill
Great article Cecilia, both sides were noted.
onemansopinion
“What’s disturbing here is we’re seeing this revolving door between very key industries and the cabinet,” NDP ethics critic Charlie Angus told The Star. “And the lobbying act doesn’t cover this kind of movement because people are being hired as advisers, not lobbyists.”
The reason is simple. Leaders in one business will be leaders in another. What are we supposed to do? Enact legislation that says politicians are unable to work when they leave politics?
Rayban
LOL .
rsh
Our politicians are starting to look like US politicians/lobbyists, which is almost criminal, not democratic.
Canada can fix it by tripling MP’s salary and barring retired MP’s from lobby activities for a minimum of term out of office.