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In 2011, the company set a production goal of 9 million ounces by 2016. It also announced two gold discoveries at a property in Nevada. Though he founded the company and was once chief executive, Munk now shares the board chairman role with John Thornton and owns less than 0.2 per cent of the company.
In 2011, the company set a production goal of 9 million ounces by 2016. It also announced two gold discoveries at a property in Nevada. Though he founded the company and was once chief executive, Munk now shares the board chairman role with John Thornton and owns less than 0.2 per cent of the company.
(Tibor Kolley/The Globe and Mail)

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Barrick’s huge pay: Is enough enough?

Barrick Gold Corp. shareholders have rubber-stamped the company’s rich executive compensation in previous years, but this year sets a high water mark for bonuses at a time when the miner is missing financial and operating targets. Is enough finally enough?

Barrick’s circular lays out the largesse from 2012. Six executives at the company were paid a total of $47.4-million (U.S.), one who left got an additional $12-million and the company raised the target size for executive bonuses. This all took place in a year which Barrick called “challenging.”