Ladies and gentlemen, thank you for standing by. Welcome to the Barrick 2022 Annual Meeting of Shareholders. As a reminder, this meeting is being recorded. I would now like to turn the meeting over to John Thornton, Executive Chairman. Please go ahead, sir.
Good morning, my fellow shareholders. Recent developments have made it clear that the COVID-19 pandemic is still a threat to the world, and we therefore considered it prudent to hold this meeting in a virtual only live webcast format again. Registered shareholders will be able to participate, ask questions, and vote in real time through an online portal. Non-registered voters should follow the procedures set out in the information circular. I would now like to introduce you to the other members of the board who are either here with me in Toronto or viewing the live webcast with us.
They are Mark Bristow, Gustavo Cisneros, Christopher Coleman, Michael Evans, Brian Greenspun, Brett Harvey, Anne Kabagambe, Andrew Quinn, Loreto Silva, and our latest appointment, Helen Cai, who takes the proportion of female directors to within a whisker of our 30% board gender diversity target.
Three years into the merger, we have gone a long way towards building Barrick as a modern, future-focused mining business with the industry's best asset base as well as its best people. Led by Mark Bristow, that team last year again delivered exceptional results. The benefits of having a flat, decentralized structure with nimble managers so evident in Barrick's effective response to the pandemic are once again clear in the way the company is handling the new supply and logistical challenges presented by the situation in Eastern Europe. Agility and foresight are invaluable qualities in managing an increasingly complex and volatile operating environment.
Recent changes in the executive team have also demonstrated the effectiveness of Barrick's deep succession planning and its continuing investment in a new leadership generation with the North America and Africa and Middle East regions smoothly transitioning to new chief operating officers and other senior appointments, strengthening management as we expand globally. The past year was also characterized by the increasing emphasis placed on the importance of good environmental, social, and governance management, not only by investors, but by society at large.
ESG, or what we call sustainability, has always been at the heart of Barrick's business. We practice it not to tick boxes, but because it is an integral part of our partnership philosophy, which recognizes not only the importance of the shareholders who own the company, but also of our other stakeholders, our employees, our host countries, the communities around our mines, and our business partners. Barrick took the industry lead three years ago in publishing a comprehensive and transparent sustainability report, which included another industry first in the form of a candid performance scorecard.
Our sustainability report for 2021 was published last month, and if you have not seen it is well worth reading. It can be found on our website in the sustainability section. The report updates Barrick's roadmap to our greenhouse gas emission reduction target of net zero by 2050 and notes improvements across many metrics, but again, gives us a B grade for our overall performance, an honest acknowledgment that we still have some way to go. Most significantly, it explains that Barrick's sustainability policy is an integrated approach, guided by a belief that global crises such as climate change, poverty, and biodiversity loss are inextricably linked, and as such, should be managed holistically.
It's worth noting that Mark and sustainability executive Grant Beringer, along with the entire Barrick management team, are hands-on when it comes to driving our ESG principles. At Barrick, we live our partnership strategy by engaging with all our stakeholders in the countries in which we operate. The hard work by our executive leadership brings an understanding of how to make material differences in the lives of real people living in parts of the world that most never see, let alone experience by living there. The same goes with our commitment to being leaders in how we drive our environmental and biodiversity policies.
Turning now to the past year, Barrick again produced expectations-exceeding performance, achieving its production guidance in the face of many challenges. The Q4 was the 14th in succession that adjusted earnings per share were better than or in line with market consensus. The balance sheet was strengthened further and the company ended the year in a net cash position even after returning a record $1.4 billion to shareholders. Barrick has indeed come a long way from the pre-merger days when it was saddled with more than $4 billion in net debt.
After careful consideration of our capital allocation, the board settled on a base dividend with an additional performance dividend linked to the net cash on the balance sheet. This will be implemented from the current quarter. The board also approved a $1 billion share buyback program. Financial discipline and a commitment to very specific investment filters, along with a clear strategic vision, will continue to guide Barrick. It is not about the short term, but about being sustainably profitable.
To achieve this, we need not only to replace and grow our reserves, but also to attract and nurture best-in-class people, as well as to promote diversity. Barrick's longstanding policy of giving preference to host country nationals, who currently account for 96% of all employees and 78% of management, has created a multi-talented, multi-generational workforce whose inherent diversity is uniquely aligned to the demands of a rapidly changing world. Since the year-end, there have been a number of significant developments which will be dealt with when we announce our results for the Q1 tomorrow.
However, I would like to single out for special mention another remarkable breakthrough by Mark and his team, the agreement in principle reached with Pakistan to restart the Reko Diq project. As one of the largest and highest quality undeveloped copper and gold deposits in the world, it is set to be a very valuable addition to our global portfolio. It is also a further affirmation of our strategic focus on Tier One assets. With that, I'll hand you over to Mark, who will chair the meeting.
Thank you, John, and good morning and good afternoon, ladies and gentlemen. With your consent, I will ask Dana Stringer, Barrick's Corporate Secretary, to act as secretary of the meeting and representatives of TSX Trust Company to act as scrutineers. In keeping with our commitment to the health and safety of our shareholders, employees, and the broader community, this year, in response to the global COVID-19 pandemic, we are once again hosting our annual meeting of shareholders through this virtual meeting platform, which allows registered shareholders and duly appointed proxy holders to vote and ask questions regardless of physical location, which would otherwise not be possible in these unprecedented times.
There are three matters to deal with as part of the formal business of the meeting, the election of directors, the appointment of an auditor, and an advisory resolution on executive compensation. The virtual platform will be open for voting on all three resolutions at the same time. This will allow you to choose to vote on each resolution immediately or wait until each resolution is presented to cast your vote. As described in detail in the information circular for today's meetings, registered shareholders who held shares on March 4, 2022, the record date for this meeting, and duly appointed proxy holders are entitled to vote at this meeting using an electronic ballot.
Our information circular and other proxy materials contained full details of how to register yourself or a proxy holder to participate at today's meeting. If you are not a registered shareholder or a duly appointed proxy holder, you are attending this meeting as a guest. Shareholders who have already voted by proxy do not need to complete an electronic ballot unless you wish to change your vote. Once all items of business have been presented, I will give you a few minutes to enter your votes and then declare voting closed on all resolutions.
Shareholders and proxy holders participating in our meeting through the virtual platform may submit a question at any time by clicking on the message icon displayed on your screen, composing a question, and then selecting the send icon. Following the formal business of the meetings, we would be happy to respond to any questions submitted through this virtual platform. As the scrutineers have confirmed that a quorum of shareholders is present, I declare the meeting to be properly constituted and the virtual platform open for voting on all resolutions.
The annual report, the consolidated financial statements, and the auditor's report have been mailed to shareholders who have requested them. We would be pleased to deal with any relevant questions during the general question period. We will now proceed with the election of directors. The board has determined that the number of directors to be elected at the meeting is 11. As chair, I move that Helen Cai, Gustavo Cisneros, Christopher Coleman, Michael Evans, Brian Greenspun, Brett Harvey, Anne Kabagambe, Andrew Quinn, Loreto Silva, John Thornton, and myself be elected as directors of Barrick.
Please record your vote for directors through the virtual platform now. The next item of business is the appointment of an auditor. As chair, I move that PricewaterhouseCoopers LLP be appointed auditor of Barrick to hold office until close of the next annual meeting of shareholders or until its successor is appointed, and that the directors be authorized to set the auditor's remuneration. Please record your vote through the virtual platform now. We will now consider the third and last item of business set out in the notice of meeting. Please note that I will close the virtual platform for voting after this item, so please ensure that you record your vote on all resolutions.
The board of directors has adopted a non-binding advisory vote relating to executive remuneration. As chair, I move that the advisory resolution regarding the company's approach to executive compensation, as set forth in the information circular, be approved. Please record your vote through the virtual platform now. For those of you who have not voted on all of the resolutions, please do so now, as I will shortly close the virtual voting platform. I declare the voting platform closed, and the formal part of this meeting is now concluded.
We will report the voting results once the scrutineers have tallied the votes. We would now be happy to respond to any questions relating to the business of the meeting. As a reminder, shareholders and proxy holders participating in our meeting through the virtual platform may now submit a question by clicking on the message icon displayed on your screen, composing a question, and selecting the send icon. We would like to give as many of you as possible an opportunity to participate, so please be reminded that all questions should be concise. Let's begin with the first question.
As yet, we don't have any questions.
All right. We'll give it a few seconds. Given that there are no questions from shareholders or proxy holders, we'd now be happy to respond to relevant questions from individuals who registered on the online platform as guests. Shareholders, proxy holders, and guests are now invited to submit a question by clicking on the message icon displayed on your screen, composing a question, and selecting the send icon. Liz?
As yet, we don't have any. There is one question coming up, I believe. Okay, we have a question from Beverly Ann Huffman.
"Qujana, Mr. Bristow, for this opportunity. My name is Beverly Huffman, an elder from Bethel, Alaska, on the Kuskokwim River in Yukon-Kuskokwim Delta land of the Yup'ik and the Cup'ik, and the Athabascan people, where the proposed Donlin Mine is located. I am a Calista shareholder. Mr. Bristow, according to Barrick Human Rights policy, your company has committed to respect the history, culture, and traditional ways of indigenous peoples, their standing as distinct self-determining peoples with collective rights and their interest in land, waters, and their environment.
If this is your policy, why are you pushing the development of the Donlin Open Pit Mine? With the Yukon-Kuskokwim Region, our Yukon-Kuskokwim Health Corporation is opposed to it, and a resolution was passed by the Association of Village Council Presidents with a majority of 37 tribal delegates against the mine. Why? I would like a written response, too. Qujana again.
Beverly, we'll definitely respond to that in writing. I think that's the most appropriate way to deal with this question. Thank you for the question, and we'll send it to you in writing.
As yet, I haven't received another question.
All right. Well, if there's no questions, Liz, no more questions?
No, nothing else. No more. Thank you.
Thank you very much.
Sorry, Mark. I believe there's one additional one. We have a question from Sophie Swope.
"My name is Sophie Swope. I'm a lifelong resident of Bethel, AK, where I was born and raised. I'm a Calista shareholder. Looking into mines Barrick has been a part of, I recognize Donlin Gold is the furthest northern mine site in development for you. This is a very fertile and sponge-like land of tundra, which is one that will soak up everything we leave behind. Rural Alaska is full of cultured residents who thrive on and are one of the few remaining who subsist for a living, a lifestyle that would be directly harmed by the extraction of these natural resources.
How do you plan to approach this new terrain and prevent the toxic waste from affecting an entire indigenous population's culture? Is there any chance we will be able to continuously subsist on the salmon, smelt, and river water without facing any environmental health issues?
Sophie, we are very committed to managing our impacts on the environment, and I have no doubt that you will be able to continue your traditional activities, including fishing for salmon, once we make the decision and develop the mine. As I explained to Beverly, we're gonna actually be there in, I think, November. We'll certainly reach out and make sure that we engage with your people and yourselves if you're available, and work through our plans and take on your questions. I'll be only too happy to copy you with the response that I've committed to make to Beverly.
We have another question, which you may answer. Can management please comment on Barrick's commitment to divesting from Russia?
Yes, I can most definitely comment on that question. We don't have any assets in Russia, so it's not an issue for us that we need to divest from Russia. We have no assets in Russia. Thank you.
I currently have no more questions.
All right. Well, thank you for that. We'll move on now, and we'll turn to the voting results. The scrutineers have confirmed that each of the 11 director nominees named in the information circular has been elected with at least 87% of the votes in favor. The appointment of PricewaterhouseCoopers LLP as auditor has been approved with approximately 88% of the votes in favor. The advisory resolution on the company's executive compensation approach has been approved with approximately 93% of the votes in favor. Detailed final voting results of all the items of business at today's meeting will be filed on SEDAR. Ladies and gentlemen, thank you for attending our annual general meeting.
This concludes today's meeting. Thank you for participating, and have a pleasant day.