https://www.miningweekly.com

Barrick Gold cuts 2017 compensation for top two executives

24th March 2018

By: Reuters

  

Font size: - +

TORONTO – Barrick Gold, the world's largest producer of bullion, cut the 2017 compensation for its top two executives to reflect a challenging "shareholder experience" and operations at some mines.

Shares in the Canadian miner declined 15% last year, even as the price of gold gained 11%. In 2017 Barrick had a third cyanide spill in 18 months at its Veladero mine, in Argentina, and struggled under an export ban for its Acacia Mining unit, in Tanzania, that is still not resolved.

The Toronto-based company cut the 2017 long-term bonus for executive chairperson John Thornton by 18% to $4.3-million. That reduced his total compensation to $7.7-million, down 9.4% from $8.5-million in 2016.

President Kelvin Dushniksy's 2017 total compensation dropped nearly 19% to $4.2-million. Barrick reduced his annual bonus to $693 000, from $1.4-million in 2016, "to better align total compensation with the shareholder experience in 2017".

Barrick shareholders rejected the company's executive pay plan in 2013 under a nonbinding vote, in part because of a $11.9-million signing bonus awarded to Thornton.

In a new scheme introduced in 2014, the largest portion of top executive compensation was based on performance and paid in units that convert to Barrick shares, which cannot be sold until retirement or leaving the company.

Thornton purchased shares worth $3.6-million last year and now holds a total of 2.7-million common shares of Barrick.

Edited by Creamer Media Reporter

Comments

Showroom

WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 
Hanna Instruments Image
Hanna Instruments (Pty) Ltd

We supply customers with practical affordable solutions for their testing needs. Our products include benchtop, portable, in-line process control...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Hyphen, Eva mine, ferrochrome price make headlines
Hyphen, Eva mine, ferrochrome price make headlines
27th March 2024
Resources Watch
Resources Watch
27th March 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.103 0.136s - 90pq - 2rq
Subscribe Now