The Financial Post reports in its Saturday edition that Barrick awarded executive chairman John Thornton $8.5-million in total compensation last year, more than double what he received in 2015 when he gave up his bonus in the wake of investor criticism (all figures U.S.). A Bloomberg dispatch to the Post says that Mr. Thornton received a salary of $2.5-million, long-term incentives of $5.32-million, $307,198 in other compensation and a pension value of $375,000. "A significant majority" of the long-term compensation "must be used to purchase Barrick common shares, which must be held until the later of three years and the date he retires or leaves the company," Barrick said in a filing on Friday.
Under Mr. Thornton, Barrick has engaged in a multiyear strategy to cut costs and sell assets to lower its debt. Mr. Thornton elected to forfeit $3.4-million of incentives for 2015, which means he received $3.1-million in total pay for the year. His total compensation in 2014 was $12.9-million, which included $9.5-million of incentive pay.
Kelvin Dushnisky, president, was awarded $5.21-million in compensation for 2016, including share-based awards of $2.47-million and $1.41-million. His pay was up 20 per cent from 2015.
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