March 31, 2014 / 6:10 PM / in 4 years

Barrick announces new pay scheme, may add two more new directors

TORONTO, March 31 (Reuters) - Barrick Gold Corp unveiled a new executive compensation plan on Monday, and lead director J. Brett Harvey said the company may select two new board members after its upcoming annual meeting.

Under the plan, effective for 2014, the majority of top executives’ compensation will be awarded in units that convert into Barrick shares, and cannot be sold until the executive retires or leaves the company.

Barrick shook up its board in December, announcing four new director nominees, but shortly afterwards two other board members resigned.

“We’ve got four new board members coming on, and then we’ve got, we’re probably going to pick up two more after the AGM,” said Harvey, who also chairs the compensation committee. (Reporting by Allison Martell; Editing by Jeffrey Hodgson and David Gregorio)

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