Barrick Gold Indicates Chairman Peter Munk To Step Down

(RTTNews) - Following pressure from its shareholders seeking changes at the board level, Canadian gold producer Barrick Gold Corp. (ABX, ABX.TO) disclosed in a regulatory filing on Friday that it is discussing the succession of its Chairman Peter Munk, who previously announced his intention to retire.

The company noted that, since 2013 annual meeting, its directors have engaged in discussions with its institutional shareholders to understand their perspectives on the company's compensation practices and governance arrangements.

The company said in the filing that its board is addressing the issues that have been raised with its directors, which include modification of the company's executive compensation arrangements, the rejuvenation of the Board through a combination of departures from the Board, the addition of independent directors and succession in the Chairman role at the company, consistent with founder and chairman Munk's desire to retire as Chairman of the Board of Directors, as previously indicated.

The company stated that its intention is to update the market before year end on these initiatives, with governance changes expected to take effect in conjunction with the company's next annual meeting.