Barrick’s early leaders, led by Peter Munk, 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.
At Barrick today, we are all owners. This means our people 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.
This is the standard of ownership to which we aspire; a recognition that everything we do—every decision, every action, or failure to act—affects not only our performance, but our collective ability to generate wealth for our shareholders.
In late 2016, we created a program to make all of our people, from the rock face to the head office, owners of the company. Every year our people now receive a grant of common shares, determined based on Company performance. These shares must be held until retirement. In addition, the Company has created a program to match share purchases by our people, up to $4,000 per year.