The introduction of exchange-traded funds (ETFs) has led to a move from an active investor to a passive investor, Holland told the AusIMM Global Mining Leaders Conference in Perth yesterday.
Holland said there was currently almost 70 million ounces backing ETFs, with a value of US$84.6 billion.
"That's quite a big investment - that's an alternative to investing in equities. We've been trying to get to grips with that as an industry," he said.
"To make things even more difficult for us, there is now an ETF on equities.
"It makes our job a lot more difficult because these sort of investors are different to traditional investors."
Holland said that opened gold miners up to heightened levels of scrutiny.
"Shareholder activism is being manif...