Barrick Fosters Ownership Culture By Making Employees Shareholders
06 März 2018 - 2:00PM
At Barrick (NYSE:ABX) (TSX:ABX) (Barrick or the “Company”) our
employees are owners, from the head office to the rock face. The
Company has announced the third grant of common shares since the
launch of its innovative Global Employee Share Plan in 2016, which
awards shares to employees based on overall Company performance.
These shares are purchased by Barrick on the open market and must
be held for as long as an employee remains with the Company.
This year employees will receive 90 shares each.
Barrick employees now own more than 1.5 million shares of the
Company as a result of the Global Employee Share Plan, fostering a
culture of ownership across the organization.
In a message to employees announcing the third
grant of shares, Executive Chairman John L. Thornton explained the
genesis of the program:
“Why are we doing this? Barrick is
different—deliberately so—and always has been. This distinctiveness
is rooted in our founder, Peter Munk, and the partnership culture
that he created with Barrick’s early leaders. That group worked
together as a team and trusted each other. They shared
responsibility and accountability for the Company’s successes and
failures. They lived and breathed Barrick because their personal
wealth was tied to the Company’s fortunes. In short, they were
owners.
Just like that first generation of leaders, we
want our people today to have the emotional and financial
investment of an owner—an interest in the Company that goes deeper
than mere employment. Ownership demands courage, conviction, and
commitment. Courage to speak out, even when you know you are going
to face stiff resistance. Conviction to voice your ideas and see
them through. Commitment to the excellence of a leading
twenty-first-century company, and the wherewithal to change
whenever change is required, as it so often is in our industry.
This is the standard of ownership to which we
aspire; a recognition that everything you do—every decision, every
action, or failure to act—affects not only your performance, but
our collective ability to generate wealth for our shareholders, of
which you are one. When Barrick prospers, you prosper. When we
struggle, the value of your shares declines.
While the number of shares granted will vary
each year, primarily based on Company performance, the grant this
year is a vote of confidence in our people. We want you to think
about building a leading twenty-first-century company, thereby
creating wealth for all over the long term. Everyone can make a
difference, and the better our Company does, the better you and
your families will do.”
INVESTOR CONTACTDeni
NicoskiSenior Vice PresidentInvestor RelationsTelephone:
+1 416 307-7474Email: dnicoski@barrick.com
MEDIA CONTACTAndy
Lloyd Senior Vice PresidentCommunicationsTelephone: +1 416
307-7414Email: alloyd@barrick.com
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