Barrick Gold Corp hinted that Peter Munk, the company’s founder and chairman, would likely depart from the board upon the annual meeting in 2014. Sources suggest the move is to help encourage investors to buy into the company’s $3 billion equity offering.

Investment banks underwriting the equity offering have reportedly struggled to shift even a third of the offered shares. If Munk is removed, investors may be swayed. The man turned 86 on Friday, but despite being the mastermind behind the company, he has made some unconvincing moves more recently which investors are not too happy about. These include a bad bet on copper, running the Andes­based Pascua­Lama project inefficiently and awarding a significant signing bonus to his proposed heir.

Still, the company has not made a clear announcement yet, failing to specify exactly when Munk will leave the board. However, sources suggest the change will take effect after the annual meeting next year, which is expected to be held in April. Some have suggested that the removal of Munk could well add long­term value to the company. There have been numerous issues with the company’s corporate governance, but with these being addressed, the company might stand a better chance of successfully selling the rest of its equity offering and moving forward. Nonetheless, corporate governance issues aside,  investors would be wise to fully understand a whole host of other questions pertaining to an investment in Barrick at this point.