Barrick Gold Corp., criticized by investors for its pay practices as the stock plunged, cut compensation for co-Chairman John Thornton and Chief Executive Officer Jamie Sokalsky, and will force them to hold their shares as long as they work for the gold miner.
Barrick Gold Corp. said founder Peter Munk will retire after more than 30 years with the world’s biggest gold producer and it nominated four new directors after some investors criticized the independence of its board.
Barrick Gold Corp. is discussing the succession of Chairman Peter Munk, who previously announced his intention to retire, and expects governance changes to take effect at the company’s next annual general meeting.
Peter Munk built Barrick Gold Corp. into the world’s largest gold producer by expanding into Africa and South America. Now former Goldman Sachs Group Inc. President John Thornton is betting on China to help revive the beleaguered company’s fortunes.
Peter Munk , the chairman of gold producer Barrick Gold Corp. , wants to triple the number of berths at a former Soviet-era naval port on the Adriatic Sea as he converts the marina into a resort for the world’s wealthiest.
Barrick Gold Corp. founder and Chairman Peter Munk said his company’s “unorthodox” C$7.3 billion ($7.6 billion) acquisition of copper producer Equinox Minerals Ltd. was necessary to fund new gold mines.