RE:Board of Directors out of control, check Barrick Gold!!
Hi
Thanks for the update
What are we looking for at Barrick ?
the F'Up board ?
Globe says Barrick's Munk seen fiddling with board
2013-09-18 08:23 ET - In the News
The Globe and Mail reports in its Wednesday edition the Peter Munk-led dynasty on Barrick Gold's board has become like a bad comedy -- seemingly endless and not that clever. The Globe's David Parkinson writes the Wall Street Journal reported Tuesday that 10 European shareholders are about to send the Barrick board a letter, urging them to get on with an overhaul of the board that was promised months ago. They join the chorus of institutional investors who are deeply unhappy with a leadership marred by Richie Rich pay packets and Keystone Kops decision-making. Mr. Parkinson says the first order of business is to get Mr. Munk out. At 85, Mr. Munk has been the face and the driving force of Barrick for 30 years. He founded the company and has long wielded the kind of power over it usually reserved for a controlling shareholder. At last report, he owned 0.2 per cent of Barrick stock. Sixty-six shareholders rank ahead of him. The past several years under his guidance have been marked by a litany of expensive missteps, beginning with a gold hedging program that cost the company billions. The foot-dragging hints Mr. Munk may be orchestrating his final act: To hand-pick a board that will continue the company in his image.
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