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Barrick Gold cuts 2017 compensation for Thornton, Dushniksy

  • Barrick Gold (ABX +1.4%) says it cut 2017 compensation for its top two executives to reflect a challenging “shareholder experience” and operations at some mines.
  • ABX cut the 2017 long-term bonus for Executive Chairman John Thornton by 18% Y/Y to $4.3M, trimming his total compensation by 9.4% to $7.7M from $8.5M in 2016, and sliced President Kelvin Dushniksy’s 2017 total compensation by nearly 19% to $4.2M after lowering his annual bonus to $693K from $1.4M in 2016.
  • ABX shares fell 15% last year even as the price of gold gained 11%; in 2017, ABX suffered 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 Zambia that remains unresolved.

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