MINING INDUSTRY & GOLD PRICES
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Who founded Barrick Gold Corporation?
Peter Munk
What type of culture did Munk create by enabling leaders to share in and take accountability for the company's successes and failures?
Ownership culture
After shareholder discontent due to the magnitude of Thronton's signing bonus and shareholders voting against the company's proposed compensation plan, how did Barrick re-engage with shareholders in 2014?
Long-term compensation system that made the management team owners
Which initiative published a report with a review of the reporting disclosure of risks and financial impacts associated with climate change and related governance processes?
Canadian Securities Administrators (CSA)
What three factors affected the price of gold?
What company did Barrick merge with to become the largest gold mining company in the world?
Randgold
Who was recruited to join Barrick as co-chairman and was offered a controversial signing bonus?
John Thornton
What happened in 2015 that to shareholders, contrasted Barrick's share price that lost a third of its value in the fiscal year prior?
The company announced a 35% increase in Thornton's salary
Which initiative promotes economic stability with reporting principles focused on both content and quality?
Global Reporting Initiative (GRI)
What two exchanges listed more mining companies than any other exchange and were home to almost 50% of the world's public mining companies?
Toronto Stock Exchange (TSX) and TSX Venture Exchange (TSXV)
What copper producer did Barrick acquire in 2011 that some investors felt failed to align with Barrick's strategy?
Equinox
Which CEO was well regarded by investors for his role in steering the company through two of the most tumultuous years in history?
Jamie Sokalsky
What did Barrick launch in 2016 that granted over 10,000 employees 25 Barrick common shares, which were to be held for the duration of their employment?
Global Employee Share Plan
What network was interested in linking ESG performance to executive pay?
Principles for Responsible Investment (PRI)
What did the Mining Association of Canada (MAC) believe was the reason that Canada had lost more ground as a mining leader in recent years than it had gained?
What was the original focus of the company before pivoting to mining precious metals?
What system and structures ensured that the executive committee's attention was focused on the company's strategic goals?
Barrick's executive compensation system and culture
Barrick - long-term; scorecard with specific measures of success
Randgold - short-term; scorecard for its short-term incentive plan and less specific long-term incentive structures
What is the name of the international body that monitored and made recommendations about the global financial system structured around governance, strategy, risk management, and metrics and targets?
Financial Stability Board (FSB)
While operating in Chile in 2013, protestors from the Indigenous community living in the surrounding areas had called for Barrick's license to be revoked due to a rise of glacial water contamination. How did the government respond?
Required Barrick to honor its environmental commitments and work to protect water systems
What did Barrick do in 2013 to hedge a cost leader strategy?
Reduced per-ounce cost by $100
After the executive committee was reconstituted due to the merger, how many directors were there?
9 - 6 appointed by Barrick and 3 appointed by Randgold
What was the goal of the post-merger compensation system?
Drive the highest possible emotional and financial ownership among the company's senior executives while linking compensation to the company's performance and the experience of shareholders
Which initiative is described as a complete set of globally applicable industry-specific standards which identify the minimal set of financially material sustainability topics and their associated metrics for the typical company in an industry?
Sustainability Accounting Standards Board (SASB)