Barrick Gold Corp. (TSX:ABX) will be revamping its executive compensations that would focus on long term benefits rather than focusing on mere bonuses. The new terms will increase the number of shares an executive possesses, too. This is to resolve the company’s issues about their executives being paid less in 2013 compared to 2012.

According to reports, CEO Jamie Sokalsky received $7.7 million in 2013, down from $11.4 million in 2012.

Co-chairman John Thornton, who received $12 million as a signing bonus and an additional $5 more million in 2012, received only $9.5 million in 2013.

Chairman Peter Munk, who will be retiring on the next annual meeting, received $4.3 million in 2012 and $3.9 million in 2013.

Under the changes of compensation, the executives will be assessed through a scorecard given to shareholders in advance. The scorecard will include 8 performance measures which include dividends to shareholders, capital project performance, return on invested capital and free cash flow.

Majority of the compensation will be in units which may be converted into company shares, according to Barrick. However, these converted shares may not be sold until the executive retires.