Barrick to provide board update following meeting this week amid reports
TORONTO, Cananda – Barrick Gold says it will provide an update following a board meeting Wednesday, amid reports Peter Munk plans to step aside from his role as co-chairman.
Reports citing unnamed sources said John Thornton, who shares the title of co-chairman with Munk, will become chairman.
The company declined comment on the speculation regarding Munk, the company’s founder, except to say it will provide an update later this week.
The company had promised in October that it would update investors on plans to rejuvenate the board by the end of the year with changes expected to take effect at its next annual meeting.
Barrick has been working to strengthen its governance practices and add independent directors to its board.
The gold miner has faced pressure since before its annual meeting earlier this year when shareholders voted against a largely symbolic executive pay resolution.
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