Don Carty and Robert Franklin resign from Barrick Gold board of directors

The Canadian Press 0

TORONTO, Cananda – Barrick Gold Corp. (TSX:ABX) said Tuesday that former American Airlines chief executive Donald Carty and Signalta Capital president Robert Franklin have resigned from the company’s board of directors.

The departures are the latest changes at the board table of the gold miner, which has been working to revamp and improve its corporate governance.

Earlier this month, Barrick announced that founder and co-chairman Peter Munk would retire at the next annual meeting and that two other long-time directors — Howard Beck and former prime minister Brian Mulroney — would not stand for re-election.

The gold miner also appointed a chief operating officer and announced the nomination of four new independent directors that would have increased the size of the board by one to 14.

Carty and Franklin had been directors of Placer Dome and joined the Barrick board in 2006 when the gold miner acquired the company.

Barrick has been looking to improve its governance practices and add new independent directors since its annual meeting in April when it was criticized for a $11.9-million signing bonus paid to co-chairman John Thornton and, in a non-binding vote, a majority of shareholders opposed an executive pay resolution.

The company said earlier this month it would bring a new executive compensation plan to the 2014 annual meeting that would “align fully with the principle of pay-for-performance, further linking compensation with the long-term interests of shareholders.”

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