One of the worlds leading gold producers is planning to make every employee an owner of the company. Barrick Gold (NYSE, TSX: ABX) announced as part of the initiative which originated in 2016; the company plans to compensate each employee with 90 shares each.
In total, the companies staff will hold more than 1.5 million shares, the company announced Tuesday.
Barrick’s executive chairman, John Thorton stated:
Just like that first generation of leaders, we want our people today to have the emotional and financial investment of an owner. 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
Barrick has been on the cusp of losing its position as the world’s largest gold miner, as Newmont continues to edge closer and closer, however Barrick recently announced it will add 1,000,000 ounces of production from four different projects after 2022.