Barrick Gold cuts executive chairman's pay 76% after investor criticism
By Doug Alexander
Thursday, March 24, 2016
Barrick Gold Corp. awarded Executive Chairman John Thornton $3.08 million in total compensation, 76 percent less than last year, after he gave up his bonus in the wake of investor criticism of pay packages at the world's largest gold producer.
Thornton, 62, received a salary of $2.5 million, $204,090 in other compensation, and a pension value of $375,000, the Toronto-based miner said Thursday in a regulatory filing. Thornton forfeited $3.4 million of incentives for the year, the company said. The compensation compares with $12.9 million in 2014, which included $9.5 million of incentive pay.
Thornton “elected to forfeit all of the incentive compensation earned for 2015 in order to better reflect the experience of our shareholders last year,” Barrick said in the filing. ...
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