January 15, 2014 / 3:35 PM / 4 years ago

Barrick investor says founder's son should leave board -report

TORONTO, Jan 15 (Reuters) - A Barrick Gold Corp shareholder is pushing for Anthony Munk, founder Peter Munk’s son, to resign from the miner’s board, according to a report in the Wall Street Journal.

In a letter to Barrick, British fund Oldfield Partners also said it is concerned about the recent departure of two veteran board members, the Journal said in a story published on Tuesday evening.

The fund declined to comment on the story, and Barrick could not be reached for comment.

Oldfield owned just under 1 percent of Barrick as of Sept. 30, according to Thomson Reuters data.

The news is the first public sign of investor discontent since Barrick shuffled its board in December.

The miner confirmed then that John Thornton would replace Peter Munk as chairman at this spring’s annual meeting, announced that two other directors would also leave the board, and named four new independent directors.

Less than two weeks later, two other long-time directors, Donald Carty and Robert Franklin, resigned. Barrick did not say why they were leaving.

Some of Barrick’s shareholders had been unhappy with the company’s track record on corporate governance and said Peter Munk wielded too much power in the board room.

Anthony Munk is a senior managing director at private equity firm Onex Corp.

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below