Bloomberg reports that the Public Investment Corporation (PIC), which is one of AngloGold Ashanti’s (AGA’s) top shareholders, has asked the gold producer to say what action it will take after chief executive officer Kelvin Dushnisky returned a bonus he had received for joining.  

The state investment manager wants the company to provide the details after Dushnisky repaid a $800,000 bonus he received for joining from Barrick Gold in 2018.  AGA had made the payment to compensate for an annual bonus that Dushnisky would have received from Barrick.  AGA indicted in its annual report published earlier this year that Dushnisky voluntarily repaid the $800,000 after he ended up receiving an incentive payment from Barrick, apparently amounting to $926,160.  The PIC indicated that it had formally written to the AGA “to raise its concerns” related to the payments, adding that it was awaiting a “response on actions that will be taken by the company.”  AGA hired Dushnisky in September 2018 to chart a new growth path for the producer.  Since then, he has pushed a strategy to sell mines in SA and Mali in a shift to lower-cost and more profitable assets.

• Read the full original of the report in the above regard by Felix Njini and Loni Prinsloo at Moneyweb

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