PIC writes to AngloGold requesting information after CEO returns $800,000 bonus

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Kelvin Dushnisky, CEO, AngloGold Ashanti

SOUTH Africa’s government-owned pension fund, the Public Investment Corporation (PIC), said it had written to AngloGold Ashanti asking for details on what action it planned to take regarding the repayment by the gold firm’s CEO of a bonus worth $800,000.

Bloomberg News said in a news report republished in Fin24 regarding the matter that Kelvin Dushnisky repaid the bonus which had been intended to compensate him for a bonus he would have received from his former employer, Barrick Gold. As it turned out, however, Dushnisky received the bonus from Barrick, totalling $926,160.

“The PIC can state that it has formally written to the AngloGold board to raise its concerns” related to the payments, the pension fund said in an e-mailed response to Bloomberg News. Bloomberg said the PIC was waiting for a “response on actions that will be taken by the company”.

Chris Nthite, a spokesman for AngloGold, declined to comment.

The PIC is Africa’s largest fund manager and owns an 11.4% stake in AngloGold, the world’s third-largest gold producer, said Bloomberg.

Since he was appointed in September 2018, Dushnisky has taken bold restructuring steps at AngloGold Ashanti including decisions to sell its remaining South African mine, Mponeng, to Harmony Gold. He also announced the sale of the Sadiola mine in Mali.

A UK listing is also on the cards although the timing is unknown. AngloGold has said it does not intend moving its Johannesburg headquarters.


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