Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the “company”) today announced the appointment of Daniel Oh as Senior Vice President, Investor Engagement and Governance, effective July 18.
Reporting to Executive Vice President and Chief Financial Officer Catherine Raw, Mr. Oh will lead Barrick’s Investor Relations team, and will serve as a central point of contact for investor engagement on governance. He will be responsible for building enduring partnerships with both new and existing shareholders, with a focus on heightened engagement and transparency, and will also advise management and the Board of Directors on matters of corporate governance.
“Daniel believes passionately in the opportunity we have to create sustainable, long-term value for our owners, based on a fundamental commitment to rigorous capital allocation, talent management, and a partnership culture,” said Executive Chairman John L. Thornton. “His experience at BlackRock makes him uniquely suited to drive improved investor engagement at Barrick, as we seek to build partnerships of depth and trust with our fellow owners. Daniel’s expertise in corporate governance will allow us to continue to strengthen our practices, while improving communication on governance issues.”
Mr. Oh has more than 16 years of experience in a diverse range of roles, covering corporate governance, capital markets, accounting, investment valuation, portfolio management, and business strategy. He joins Barrick from BlackRock Inc., where he was Vice President, BlackRock Investment Stewardship. In this role, Mr. Oh was responsible for advising BlackRock investment managers on the corporate governance and sustainability practices of more than 1,300 companies in the United States and Canada. He also led ongoing shareholder engagement with board members, senior executives, chief sustainability officers, general counsels, and corporate secretaries on behalf of BlackRock.
Prior to joining BlackRock, Mr. Oh worked in senior corporate governance roles at State Street Global Advisors and Institutional Shareholder Services (ISS). His earlier career includes both sell-side and buy-side equity research at Bear Sterns and Citigroup.
Angela Parr, Vice President, Investor Relations, will report to Mr. Oh. Michael Leonard, currently Director of Forecasting and Performance Measurement at Barrick, will join the Investor Relations team as Director, Investor Relations. Susan Muir, Vice President, Investor Communications, is leaving the company to pursue other opportunities.
“We would like to thank Susan for her many contributions to Barrick. Her strong relationships and deep understanding of the mining investment world are a credit to her professionalism and experience. We wish her every success in her future endeavors,” said Barrick President Kelvin Dushnisky.
