Barrick CEO's pay hits $10.7-million


Yona F. Maro

Yona F. Maro

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Yona F. Maro

Yona F. Maro

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JOHN PARTRIDGE

The Globe and Mail (Breaking News)



As the price of gold soared last year, Barrick Gold Corp. chief executive officer Gregory Wilkins was paid a total of more than $10.7-million (U.S.), including $1.1-million in stock option gains.



This was up from about $9.4-million in 2006 when he did not cash in any options.



Mr. Wilkins saw his salary for running the world's largest gold company rise to $1.4-million in 2007 from $1.2-million, although his incentive bonus for the year dropped to $2.1-million from $3-million in 2006, the Toronto company's latest management proxy circular shows.



The company also awarded him stock options worth $2.9-million in 2007, compared with $1.7-million in 2006, as well as $2.3-million in restricted share units. He also was paid just under $1.7-million for his performance in previous years under a long-term incentive program. He received no payments under that program in 2006.



More spectacularly, the value of exercisable stock options Mr. Wilkins holds soared to $21.4-million by the end of 2007, nearly triple the $7.9-million they were worth a year earlier, the company's latest management proxy circular shows.



This was partly because the number of exercisable options in his account jumped to 1.36 million from 1.05, but it was mostly because Barrick's stock price climbed to nearly $42 (Canadian) on the Toronto Stock Exchange from just under $36 over the course of the year.



He also held unexercisable options worth $4.1-million (U.S.) on another 487,144 Barrick shares, the circular shows, compared with 679,517 worth $3.5-million at the end of 2006.



The circular, filed with securities regulators Tuesday, also shows that Mr. Wilkins, 50, owned 47,000 shares in the company. These were worth just under $2-million (Canadian) at year-end prices and a little more than $2.1 million at Monday's closing price of $44.69.
 
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mwewe

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mwewe

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He is receiving more than all the millions residents of Shinyanga are receiving from mining activities in the region!
 

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