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

|About: Barrick Gold Corporation (ABX)|By:, SA News Editor

Barrick Gold (ABX -2.4%) unveils a new executive compensation plan, and the company board says it may select two new members after its upcoming annual meeting.

Under the new plan, effective for 2014, the majority of compensation for top execs will be awarded in units that convert into ABX shares and cannot be sold until the person retires or leaves the company.

The new pay plan is an attempt to improve governance after a series of missteps prompted shareholder to vote down a non-binding resolution on executive pay at last year's annual meeting.