November 8, 2013 / 4:28 PM / in 4 years

Barrick indicates Chairman Peter Munk set to step down

TORONTO, Nov 8 (Reuters) - Barrick Gold Corp indicated on Friday that its founder and Chairman Peter Munk is likely to step down from his post by the time of the company’s annual meeting next year.

In an amended filing relating to its recent $3 billion equity offering, the company said it is working to address corporate governance concerns raised by its institutional shareholders.

“The board is addressing the issues that have been raised with our 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 Mr. Munk’s desire to retire as Chairman of the board,” the filing said.

Barrick said intends to update the market before year end on these initiatives, with governance changes expected to take effect in conjunction with Barrick’s next annual meeting.

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