Ladies and gentlemen, thank you for standing by. Welcome to the Barrick 2023 Annual Meeting of Shareholders. As a reminder, this meeting is being recorded. I would now like to turn the meeting over to John Thornton, Executive Chairman. Please go ahead, sir.
Good morning, my fellow shareholders. It is my pleasure to welcome you to Barrick's 2023 annual general meeting. Those who have joined us in person here in Toronto, as well as those who have chosen to participate by way of our live webcast. We look forward to answering your questions and hearing your views. Before we start, I would like to introduce the other directors who are here with me today or participating online. They are Mark Bristow, Helen Cai, Gustavo Cisneros, Christopher Coleman, Isela Costantini, Michael Evans, Brian Greenspun, Brett Harvey, Anne Kabagambe, Andrew Quinn, Loreto Silva. Our most recent appointment was that of Isela Costantini, who brings to the board 25 years of experience in international business with a particular emphasis on Latin America.
It's worth noting that her appointment increases the proportion of women on our board to 33%, ahead of our 30% target we set for 2022. The past year brought a broad range of challenges, economic as well as political to the world. Thanks to Barrick's integrated value-focused strategy, founded on partnerships and sustainable mining, we were able to deliver creditable production and financial results, while at the same time advancing our major growth projects and initiating others. Four years ago, we launched the merger with a very strong team, and I am proud to say that over time, they have grown even stronger under the leadership of Mark Bristow and his executives. Our foundational mantra was, best people, best assets, best returns. Our gold assets are demonstrably the world's best, and I think we can now confidently make that claim for our people.
As for returns, Barrick's 2022 payout to shareholders was a record $1.6 billion, including dividends declared under our performance dividend policy and $424 million in share buybacks under the program introduced last year. Our returns to shareholders have not been at the expense of organic growth. We continue to invest and roll forward our 10-year gold and copper plans, which show real organic growth on a consistent base case production profile. Our focus this year will be on building Barrick's value foundation, both within and beyond our current borders. Particularly notable are the expansion of the Pueblo Viejo gold mine in the Dominican Republic, which will extend its Tier One status by at least 20 years, and that of the Lumwana copper mine in Zambia, which will add mass to our copper portfolio.
There is the Reko Diq project in Pakistan, based on one of the largest and highest quality undeveloped copper gold deposits in the world. When Reko Diq and the expanded Lumwana are in full production by the end of the decade, they will lift Barrick into the premier league of copper miners in line with our goal of becoming a major producer of this strategically important metal. Barrick remains an industry leader in sustainability, and our annual sustainability report, published last month, gives a detailed account of what has been achieved and what remains to be done. If you have not seen it yet, it is well worth reading and can be found in the sustainability section of our website.
Our sustainability strategy, which is an essential part of the way we do business, is based on the belief that the challenges of climate change, poverty, and biodiversity loss are inextricably linked and must be managed holistically. Many of our operations are in less developed countries where they make a substantial economic contribution, both to the state and to the people. This is in line with our stakeholder philosophy which ranks our host countries and communities equal to our shareholders and holds that the value we create should also be shared with them. A recent example, among many, of the support we provide is the $30 million Barrick has pledged to a partnership with the Tanzanian government for the expansion of the country's education infrastructure.
While climate change remains a shared global challenge, we must also recognize that blanket policies prescribing greenhouse gas emissions present a particularly severe penalty to underdeveloped countries. Nations that were fortunate to develop in an earlier, more permissive era, and which account for the vast majority of legacy emissions, owe it to the developing world to support a just energy transition and the understandable desire to achieve the same modernization for their citizens. The mining industry has to be a part of the solution by not only providing the materials for development, but also investing in the developing world and encouraging the responsible mining of metals and minerals for common benefit. In this regard, as in many others, Barrick continues to show the way.
Our proven long-term strategy, our quality assets, our growth projects, our world-class team, and our social license to operate earned through mutually beneficial partnerships with our host countries continue to differentiate Barrick from our peers. With our banked long-term plans, we and our investors can be confident that Barrick will be sustainably profitable whatever new challenges may arise. With that, I will hand it over to Mark, who will chair the meeting.
Thank you, John. A very good morning, ladies and gentlemen. With your consent, I will ask Dana Stringer, Barrick's Corporate Secretary, to act as Secretary of the meeting and representatives of TSX Trust Company to act as scrutineers. We are pleased to once again return to a hybrid meeting format for this year's meeting, which can be attended in person or virtually by way of live webcast. There are three matters to deal with as part of the formal business of the meeting: the election of directors, the appointment of an auditor, and an advisory resolution on executive compensation. Registered shareholders who held shares on March 3, 2023, the record date for this meeting, and duly appointed proxyholders are entitled to vote at this meeting using an electronic ballot.
If you are participating through the virtual platform and are not a registered shareholder or a duly appointed proxyholder, you are attending this meeting as a guest. Shareholders who have already voted by proxy do not need to complete an electronic ballot unless you wish to change your vote. The virtual platform will be opened for voting on all three resolutions at the same time. Once all items of business have been presented, I will give you a few moments to enter your votes and then declare voting closed on all resolutions. Shareholders and proxyholders participating through the virtual platform may submit a question at any time by clicking on the message icon displayed on your screen, composing a question, and then selecting the send icon. For shareholders present in person, we will conduct the vote on each resolution by ballot.
Shareholders who have already voted by proxy do not need to complete a ballot unless you wish to change your vote. Forms of ballot were distributed to shareholders and proxyholders when they registered with the scrutineers. Shareholders and proxyholders who have not received a ballot and wish to receive one should raise their hands so the scrutineers can distribute them to those entitled to vote. Following the formal business of the meeting, we would be happy to respond to questions from the meeting room or submitted through the virtual platform. As the scrutineers have confirmed that a quorum of shareholders is present, I declare the meeting to be properly constituted and the virtual platform open for voting on all resolutions. We will now proceed with the elections of the directors.
I move that Helen Cai, Gustavo Cisneros, Christopher Coleman, Isela Costantini, Michael Evans, Brian Greenspun, Brett Harvey, Anne Kabagambe, Andrew Quinn, Loreto Silva, John Thornton, and myself be elected as directors of Barrick. If you are participating in the meeting through the virtual platform, please record your vote for directors now. Each shareholder or proxyholder who is present in person should record their vote under item number one on the ballot. Please keep your ballot for voting on further matters. Ballots will be collected after the conclusion of the last matter of business of today's meeting. When you have finished voting, please sign and print your name on the ballot. The next item of business is the appointment of an auditor.
I move that PricewaterhouseCoopers LLP, be appointed Auditor of Barrick to hold office until the close of the next annual meeting of shareholders, or until its successor is appointed, and that the directors be authorized to set auditor's remuneration. If you are participating in the meeting through the virtual platform, please record your vote now. Each shareholder or proxy holder who is present in person should record their vote under item number two of the ballot. We will now consider the last item of business. Please note that I will close the virtual platform for voting after this item, so please ensure you record your vote on all resolutions. The board of directors has adopted a non-binding advisory vote relating to executive compensation. I move that the advisory resolution regarding the company's approach to executive compensation, as set forth in the information circular, be approved.
If you are participating in the meeting through the virtual platform, please record your vote now. Each shareholder or proxy holder who is present in person should record their vote under item number three of the ballot. Once you have completed your ballot, please raise your hand so the scrutineers can collect your ballot. I'll just pause for a little while so that we can complete our ballots. We would now be happy to respond to questions relating to the business of the meeting. We will begin with questions from the meeting room and then respond to questions posted to the virtual platform. For those attending in person, we would ask that you please raise your hand and somebody with a microphone will come to you. Please make sure that you say your name before you present your question and restrict your questions to one.
Shareholders and proxy holders participating in our meeting through the virtual platform may submit a question by clicking on the message icon displayed on your screen, composing a question and selecting the send icon. We would like to give as many of you, as I said earlier, as possible an opportunity to participate, so please keep your questions to a single question and try and make them concise. Let's begin with the first question.
Hi, Mr. Mark. I'm a journalist and human rights activist from Balochistan. It's a war-torn region in Pakistan under Pakistan's control. Thousands of people have been abducted, disappeared, and tortured, and killed by the Pakistani government to counter social and political movements for Balochistan's right, including right to self-government and control over national resources. I'm also a victim of this bloody crackdown. I lost lots of friends, colleagues, journalists, and family members, and they lost their lives because there were peaceful protests against the central government's policies and foreign investors' exploitations. Despite all that, Barrick Gold signed an agreement with the central government to extract Balochistan's gold and copper without any social license and consent of the local people. Local people protested Reko Diq agreement, calling it direct violation of our rights.
Development of national resources is under provincial government, but the central government pressurized the provincial government overnight to take away entire authorities to decide the Reko Diq. You signed the agreement with the provincial government. Many minister of the provincial government are allegedly abducting, killing, civilian students, human rights activists, including women. One minister, communication minister, recently alleged of detaining an entire family, raping a woman, killing a woman, and throwing acid on her face. My question is to you, how do you claim that the agreement you signed is legitimate, brings prosperity to the people of Balochistan if it is found to be based on abuses of rights and signed by alleged murderer and rapist? In December last year, you held a press conference, asked the Pakistani government to bring some restrictive law.
Pakistani government did in bringing the Foreign Investment ( Protection and Promotion Act , 2022). That Act don't allow us to go to courts even. There is a court case in Balochistan High Court when up the lawyer signed, submitted and, neither the provincial government, neither central government, neither someone from Barrick Gold went to the court for the following nine hearing until the Supreme Court declared that's a national security matter. How do you explain why it is a national security matter to public that agreement's detail? We still don't know what is in an agreement, who did it, and how it was done. There's also media blackout. No one is allowed to go there.
Your organization recently also met with the Chinese companies and officials in Gwadar, to use the China-Pakistan Economic Corridor in Gwadar port to transport materials, gold and copper from Barrick, from Reko Diq around the world. The same CPEC projects, because of CPECs, they are killing and abduct the security forces deployed there, especially extra security forces in 1,000, killing and abducting people, including burning down. They burned down my parents' house to stop us if speaking against these injustices. You are going to use the same project and same military forces, Human Rights Watch, Amnesty International, UN, declared them behind the killings and abductions and destroying the houses. How you can protect them?
We are living in Canada, and we are living in a free country, and we are getting involved in direct with the Chinese communist companies, with the Pakistani brutal forces. I think Barrick's gonna be responsible similar way as the Pakistani government and military forces. Thank you.
Sorry, what's your name?
My name is Lateef Johar.
Hello, Lateef. I understand that you are a person seeking asylum in Canada. And I think the critical thing here is clearly it's been a long time since you've been back in Pakistan, and you are from Gwadar, and there are a whole lot of things that you don't understand about our project in Pakistan. I'll just explain very briefly, not as perhaps as long as your speech, but I'll try and explain it to you. You know, if we carry on stopping the development of the world, which is what everyone wants to do, particularly people like yourself, how does the world change? How do we bring proper, just engagement on behalf of the people of the developing world? I'll just take you through a little story about Reko Diq.
First of all, Reko Diq was denied development in 2013. We went through a process of international arbitration, which Barrick won. It was awarded a $6 billion award. Instead of forcing the award, we went to Mr. Khan, Imran Khan, the opposition today, suggested to him that there's a better way to do these things for the benefit of all people in both Balochistan and Pakistan. He agreed. We sat down, and we negotiated a framework agreement which sets out the way this project's gonna be developed. One of the things we insisted was that the Balochistan province gets 25% of the project, one of the biggest undeveloped copper gold projects in the world. It's financed. This is the biggest single investment ever in Balochistan, we negotiated this with Imran Khan and with the then Balochistan government.
It changed, as you know. The new Pakistan government affected the framework we had agreed with the Imran Khan government. It doesn't happen in most places of the world when one government respects the other government, previous government's negotiation. We did the same with the Balochistan government because, again, we negotiated with the previous Balochistan government elected, and this current Balochistan government accepted the negotiation. I personally visited all the communities around and that will be impacted mostly positively, in fact, all positively by Reko Diq, and held mass town halls accompanied by the Balochistan Chief Minister, both of them, before and today. When we had finished those negotiations, we then approached the Supreme Court of Pakistan. We then approached the Supreme Court of Pakistan, and we published all the agreements. Your point about no one knows about these agreements is just nonsense.
We published the agreements, we opened the agreements to debate with the Supreme Court under a five-bench judge, a set of judges from the Supreme Court. They decided on dealing with the questions. They consulted with all interested parties, those in favor and not. At the end of the day, they judged that this was good for Pakistan, it was good for Balochistan, the judges. Not us, not the government, the previous government or the current government. Today we have bipartisan support and support from the Balochistan government and the support from the various regional councils plus the individual little villagers. You don't know this because you don't come from there. Sir, you've had your say. This is not an argument. You asked me a question. I'm setting the record straight.
Okay? What I suggest you do is that you do your research and you make arrangements through the offices of Barrick, and we'll have somebody have a conversation with you.
I already did my research. I am just having a conversation.
I didn't ask you to argue with me, sir. You made a statement. I didn't.
You are certainly disrupting the environment.
I'm not.
You're lying to your shareholders.
That's not true.
That's true.
Listen, sir, would you like to leave?
I will leave.
Okay, thank you. Just leave.
You tell the shareholder you assume is lying. You assume they will-
Never.
The Balochistan one is crap.
Don't swear in this audience, please. This is unbecoming of you. If you have a problem, approach the Supreme Court.
You're telling that when the water is scarce and you're not allowing me to say I'm lying. I don't know about Balochistan. My house has gone down because of you.
You're not, we are not anywhere there. We don't plan to use the Gwadar port. Please, will you leave?
I'm leaving. I will thank you and do as you said.
Thank you.
I thank you.
Lovely. Thanks.
The Canadian courts. Please, if any person escape, I assure you-
Have a good day, sir.
Yeah. You saying to me, I'm not responsible, I'm not in Balochistan.
You should go back to Balochistan.
Please stop killing indigenous people, and we will come after you. It's not gonna work in Balochistan, okay?
Thank you, sir. All right. Next lady. Thank you.
Thank you. Oh, sorry. I brought notes, so I could be brief. My name is Rachel Small. I'm a shareholder. As you may have heard, there was a protest outside of this meeting right now and people shouting. In the past month, communities around the world in Argentina, Dominican Republic, Papua New Guinea, Alaska, Nevada, Pakistan and the Philippines. As you know, many of the places where Barrick has mines have organized public actions and protests against Barrick mines. They allege oppressive violence, perpetual water pollution, violations of indigenous rights, destroyed livelihoods from Barrick Gold operations. Just last night, I was sent photos of 95 homes in the Dominican Republic with cracks in the walls, allegedly from Barrick's operations, the Pueblo Viejo mine.
I'm hearing and I read the annual report, I see that it claims recognizing respecting human rights are a fundamental value for the company. As a shareholder, I'm asking, given the wide range of serious human rights and environmental allegations that these communities are raising around the world, what specific actions or steps will Barrick Gold take to restore its relationships with communities? If communities all over the world are protesting your mines, there is a problem with that relationship. How will you restore the relationships? How will you ensure human rights due diligence, increase transparency and provide remedy for the negative impacts? Thank you very much.
Thank you for that, Rachel. Just let me know how many shares do you own?
I own one share.
Okay. The allegations you make, have you ever visited Dominican Republic?
No.
Okay. Argentina?
No. I have video and photo evidence.
Argentina? We've got lots of that because there's social media. What about Papua New Guinea?
No.
What about Tanzania?
No.
I do. Every three months, I'm there on the ground. I meet with the communities. I engage with the activists. Not people like you who just make a noise, who have a demonstration outside that don't even have the right logo for Barrick. If you're a shareholder, you should at least know that we changed the logo four years ago. Allegations are one thing. Real protest based on fact is another. We have lots of people coming to speak to us. We work with NGOs, human rights on the ground, not human rights that are based in their luxury apartment in Toronto, who work on the ground. As I said earlier, as our chairman said in his introduction, what we do is we change lives. How many jobs have you created in your life?
I'm not a mining company.
We employ 40,000 people across 18 countries. We represent, in Dominican Republic, 20% of the taxes paid in that country. We rehabilitate old environmental impacts. We've spent $70 million doing that. Again, we are absolutely committed. Should there be any transgression, any violation of our sustainability principles, our values, our DNA, submit to us those allegations along with evidence and names, and we'll follow up and we'll report back to you. We always do that. We do that every single day of our life, and we'll be happy to do it to you, even if you're a shareholder with 1 share. You know what? You heard the chairman again. Our communities and our host countries are as important as our shareholders. We'll be happy to do that.
If you oblige, just leave your name, we'll follow up, and we'll certainly report on it once you give us the evidence. Thank you very much. Thank you for coming.
Mr. Chairman, we have several online questions from a Stuart Donaldson. Unfortunately, he doesn't state where he's from, so I'll select a relevant one. There are now two lawsuits ongoing against Barrick brought by indigenous Kuria peoples from communities around the North Mara mine in Tanzania, who allege extreme violence leading to life-altering maiming or death at the hands of mine security and police guarding the mine. When will Barrick settle these cases to bring some relief to the families, and when will Barrick stop using Tanzanian police to guard its mines?
Thank you very much for that question. First of all, let's just get this right. We do not use police to protect our mines. The police that is being referred to is community police under the auspices of the government of Tanzania, which is a democratically elected government. That's the first just correction. Second one is, you refer to minority people. Tanzania do not have tribes. They did away with tribes and nationalized everyone the same many years ago at independence in the 1960s. They all speak one language. The third one is, the accusations that you made are led by RAID, R-A-I-D, which is a U.K. NGO, and they've been doing this for many years, before I arrived and after I arrived.
Again, like Rachel, they were very clear about all these atrocities. Today we have never received any evidence, just allegations. We are on the ground. What we did is we invited RAID to come to the mine, and the CEO of RAID came to the mine to visit, we took them to a community meeting. Just for those who don't understand the structure in Tanzania, each village has an elected chairperson. They did away with traditional chiefs. It's an elected chairperson. It has a chief executive underneath that.. We introduced RAID to the 11 chairpersons representing the 11 villages around North Mara. She was able to discuss with them, she's been writing in the international press about all these allegations coming from the community. The elected chairpersons didn't know her, didn't know RAID. Denied all the allegations.
They did it in a public forum with the CEO of RAID, they put it in writing. We can't fix things that are not part of what we do. To fix the security thing, we have security at North Mara. They're unarmed. RAID suggests because our security is unarmed, we have to lean on the police. We don't. Our security control access. When people forcibly enter our mine, cut the fences, scale a 9-foot concrete wall, and go and steal the gold on the rock dumps in amongst our mining activities, that's dangerous. We call the police like you would do here in Canada, they intervene. In many cases, they're attacked. What we did with RAID is we actually showed them a video of these people ingressing. They're definitely not down and out individuals. They're organized gangs trying to exploit and steal gold.
We've showed them that. The court cases you refer to, we are progressing with them because it's time that the world learned the truth and appreciated that some people claiming to be NGOs, that make so much noise, raise money, live off that money, are not who they claim to be. We work with NGOs in all these countries, and those people, as you know, are brave. They take on the challenges that poverty delivers. They work with us. They hold us accountable. We work with them and we respect them. We do not take kindly to people sitting here in their glass houses and working so hard to stop the development of this world so that they can earn a living. That's the way I would explain and answer your question, whoever you might be or wherever you are.
Thank you, Mr. Chairman. I have a question from Beverly Hoffman, Earthworks. My name is Beverly Hoffman, a 71-year-old elder living in Bethel, Alaska. I am a Calista shareholder-ONC tribal member and co-founder of the Mother Kuskokwim Tribal Coalition. The proposed Barrick Gold Donlin Gold mine is one of the largest in the world on our salmon spawning river, the Kuskokwim. Our river is already suffering from a decline in all salmon, five salmon species. This river flows 900 miles from its mouth down to the ocean. Our people, our land is dependent on our fish to sustain us. We are dependent on clean water, clean air, free of risks of toxic material like cyanide and mercury. My question is, how can you talk about protecting subsistence rights in your commitment statements and honoring traditions when this very mine and the probable risks threaten it?
We are asking Barrick to withdraw from our region.
Thank you very much for that. Again, you know, I think you've asked this question before, and we've also engaged with you in writing. I would just point out that, as you know, Donlin is a project that is owned by the native Alaskans. It's being developed in partnership with the native Alaskans. Specifically, the Donlin project comprises, as you point out, the Calista Corporation and the Kuskokwim Corporation, both of them, and in particular, the Calista Corporation owns the mineral rights and a portion of the surface rights, and the Kuskokwim Corporation owns the majority of the project's surface rights.
The project has been advanced in accordance with the principles enshrined in the Alaska Native Claims Settlement Act of 1971, which provides a mechanism for environmentally sound and socially responsible development of Alaska's natural resources for the benefit of native Alaskans. Again, all native Alaskans benefit from any natural resource development. As you would know from the Red Dog development, which has been one of the biggest contributors to the Alaskan natives over many, many years, that's coming to an end. The many conversations I've had with the representatives of the Calista Corporation and The Kuskokwim Corporation, who are duly and democratically elected, have been over exactly the points that you make, because all of us care about the environment. I'm a great fisherman. I care about rivers and fish.
We are still busy with our studies, and we will continue to study, and we will continue to comply with the best regulations relating to development of mines in environmentally sensitive areas. Certainly, since I've been involved, we've been able to look at ways to preserve the very river that you talk about. Again, our employees in Donlin are primarily all from the local community because it's a joint partnership. It's not Barrick. By the way, there's another investor, NOVAGOLD, who are partners. We are jointly working to bring this to account. When we go to speak to the politicians in Washington, we go with the Calista and Kuskokwim people. We don't go there on our own.
Again, ma'am, if you're, if you have a particular concern, and we know the concern about the rivers, we have, responded many times, we would happily respond to you and explain to you exactly what we are doing. We can give you examples of how we operate in similar environments around the world.
Again, I would just suggest to you that as we stand today, the most pressure that I'm getting from the local people is, "When are we gonna start building the mine?" Not, "Please stop building the mine." We will not start until we've completed every single part of our impact analysis, and we have engineered our way to ensure that we can develop that mine, one, both profitably, and two, that it is well within all the permitting that we've received to date.
Mr. Chairman, just to cover our global reach, I'm gonna take one more question from Stuart Donaldson. This month, indigenous peoples from around Barrick's Porgera mine in Papua New Guinea protested the reopening of that mine, while human rights claims from victims of violence and rape by mine security and police guarding that mine dating back over many years have never been addressed. When will Barrick address the legacy of human rights abuses of the Porgera gold mine?
Let me explain to you something, because I don't know what you're talking about in Porgera, but this last week, there were seven people killed in Porgera. The week before, a whole lot more. Last month, some more in tribal conflicts. There were allegations which were investigated and settled on certain security issues in Porgera many, many decades ago, and they were settled. Today, we haven't operated Porgera mine for the last three years. We've watched the community destroy the hospital, destroy the schools. We've rehabilitated the hospital and the schools. They've been destroyed again. We are working with the women leaders and the youth to make sure that the military and the police are deployed there to protect the normal citizens in the region. We have absolute alignment with that community.
The last big conflict where two whole villages were completely destroyed, children, women killed. I was the only one with my team that went to the community and called them out with the leadership, the women, the leadership of the women groups in that area, point out that this barbaric behavior is not acceptable, certainly not to Barrick, neither to our shareholders. Again, these things... As you know, in Papua New Guinea, everyone's negotiating for some special deal. Everyone wants money. No one's prepared to invest in the future of Papua New Guinea. We are. We believe that if we leave that place, we will no one will see what happens in the valley, in the Porgera Valley, and the world would know better, and you wouldn't know.
We believe that we have a moral responsibility to continue to ensure that we invest to develop the people of that region. We will continue to do it. We will continue to do it in a proper and just way. Right now, the principal owners of Porgera are the Papua New Guinean people themselves, 51%. We own with our partners, Zijin, 49%, but we are the operators. I would again call on you to get your facts straight and work with us to make sure that the Porgera Valley is a better place for those innocent people that are being exploited by the thugs in the area. Those thugs are encouraged by sort of the, the news that you're claiming is factual.
At least, I must say, the young lady earlier on pointed out that it was an allegation. Allegations, we are always 100% committed to follow up, provided you can give us some evidence. Thank you.
There are no more questions, Mr. Chairman.
Thank you very much, everyone. That brings us to an end, and I just need to get this little note here, and I can finish off with the results. Now I'll turn back to the voting results. The scrutineers have confirmed that each of the director nominees named in the information circular has been elected with at least 81% of the votes in favor. The appointment of PricewaterhouseCoopers LLP as auditor has been approved with approximately 85% of the votes in favor. The advisory resolution on the company's executive compensation approach has been approved with approximately 77% of the votes in favor. Detailed final voting results of all the items of business at today's meeting will be filed on SEDAR. PricewaterhouseCoopers LLP as auditor has been approved with approximately 85% of the votes in favor.
The advisory resolution on the company's executive compensation approach has been approved with approximately 77% of the votes in favor. Detailed final voting results of all the items of business at today's meeting will be filed on SEDAR. With that, thank you very much, ladies and gentlemen, for attending this AGM, and I look forward to reporting back next year. Thank you.
This concludes today's meeting. Thank you for participating, and have a pleasant day.