Peter Munk
Encyclopedia
Peter Munk, CC
(born November 8, 1927) is a Canadian businessman. He is the chairman and founder of the mining company Barrick Gold
, the world's largest gold-mining corporation.
, Hungary into a well-off Jewish family. Hungary was invaded by Nazi Germany
in March 1944 when Munk was a teenager. His family escaped the Nazis by obtaining seats on the Kastner train
, a train carrying 1,684 Jews to safety in Switzerland, arranged by Rudolf Kastner
of the Zionist Aid and Rescue Committee
as a result of negotiations with senior SS officer Adolf Eichmann
. Eichmann allowed some Jews to leave for Switzerland in exchange for money, gold, and diamonds, that was obtained from the wealthy among them. as part of a series of so-called "blood for goods" deals.
Munk graduated from the University of Toronto
with a degree in electrical engineering
in 1952.
.
Later, he founded and was Chairman and CEO of Southern Pacific Hotel Corporation, the largest hotel
and restaurant
chain in Australasia
in the 1970s. Munk is now Chairman and founder of Barrick Gold
, the world's largest gold mining corporation. Munk was founder, Chairman and CEO of Trizec Properties (one of the largest U.S. REITs – listed on the NYSE), where in 2006 Trizec was sold to Brookfield Properties
.
He is a distinguished lecturer at James Gillies Alumni Lecture, York University
, Toronto. Munk has also been a member of various boards including:
On May 30, 2006, Munk announced that he would donate $37m to Toronto General Hospital
, the largest gift ever made to a Canadian medical institution. The donation would help to support the Peter Munk Cardiac Centre, which Munk helped create with a $6m donation to the hospital in 1997. He is also a major donor to the University of Toronto
, to which he has donated $50.9 million to establish the Munk School of Global Affairs
. The foundation also created the Munk Debates
.
According to Linda McQuaig's book, The Trouble with Billionaires, Munk’s latest donation to the University of Toronto came with strings attached to ensure that the school would "fit with the political views and sensitivities of Peter Munk." McQuaig writes that "according to Munk's written agreement with the university, the Munk donations will be paid over an extended time period, with much of the money to be paid years from now — and subject to the Munk family's approval of the school. For that matter, the school's director will be required to report annually to a board appointed by Munk 'to discuss the programs, activities and initiatives of the School in greater detail.'" University president David Naylor
rejected personal attacks on donors as "a deplorable affront to the values of rational and respectful discourse that are supposed to characterize a university" and stated "I later served on the board of the University Health Network, in the years when Dr. Munk made two gifts exceeding $40 million to support the cardiovascular program at that hospital. There was not a single instance where Peter Munk interfered with the educational, research or clinical priorities of the institution."
is a contributing editor for Vanity Fair.
He became Officer of The Order of Canada
(Canada's highest civilian honour) in 1993 and was promoted to Companion in 2008; received The Woodrow Wilson Award for Corporate Citizenship in 2002 (the first time awarded in Canada); has been inducted into the Canadian Business Hall of Fame
, and the Canadian Mining Hall of Fame
.
Order of Canada
The Order of Canada is a Canadian national order, admission into which is, within the system of orders, decorations, and medals of Canada, the second highest honour for merit...
(born November 8, 1927) is a Canadian businessman. He is the chairman and founder of the mining company Barrick Gold
Barrick Gold
Barrick Gold Corporation is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units located in Australia, Africa, North America and South America...
, the world's largest gold-mining corporation.
Early years
Munk was born in BudapestBudapest
Budapest is the capital of Hungary. As the largest city of Hungary, it is the country's principal political, cultural, commercial, industrial, and transportation centre. In 2011, Budapest had 1,733,685 inhabitants, down from its 1989 peak of 2,113,645 due to suburbanization. The Budapest Commuter...
, Hungary into a well-off Jewish family. Hungary was invaded by Nazi Germany
Nazi Germany
Nazi Germany , also known as the Third Reich , but officially called German Reich from 1933 to 1943 and Greater German Reich from 26 June 1943 onward, is the name commonly used to refer to the state of Germany from 1933 to 1945, when it was a totalitarian dictatorship ruled by...
in March 1944 when Munk was a teenager. His family escaped the Nazis by obtaining seats on the Kastner train
Kastner train
The Kastner train was a trainload of almost 1,684 Jews who, on June 30, 1944, escaped from Nazi-controlled Hungary, eventually arrived in Switzerland, while some 450,000 members of the Hungarian Jewish community were deported to the gas chambers at Auschwitz....
, a train carrying 1,684 Jews to safety in Switzerland, arranged by Rudolf Kastner
Rudolf Kastner
Rudolf Israel Kastner was a Jewish-Hungarian journalist and lawyer who became known for facilitating the departure of Jews out of Nazi-occupied Hungary during the Holocaust...
of the Zionist Aid and Rescue Committee
Aid and Rescue Committee
The Aid and Rescue Committee, or Va'adat Ha-Ezrah ve-ha-Hatzalah be-Budapesht was a small committee of Zionists based in Budapest in 1944-5, who were dedicated to helping Jews escape the Holocaust during the German occupation of Hungary.The main personalities of the Vaada were Dr...
as a result of negotiations with senior SS officer Adolf Eichmann
Adolf Eichmann
Adolf Otto Eichmann was a German Nazi and SS-Obersturmbannführer and one of the major organizers of the Holocaust...
. Eichmann allowed some Jews to leave for Switzerland in exchange for money, gold, and diamonds, that was obtained from the wealthy among them. as part of a series of so-called "blood for goods" deals.
Munk graduated from the University of Toronto
University of Toronto
The University of Toronto is a public research university in Toronto, Ontario, Canada, situated on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in Upper Canada...
with a degree in electrical engineering
Electrical engineering
Electrical engineering is a field of engineering that generally deals with the study and application of electricity, electronics and electromagnetism. The field first became an identifiable occupation in the late nineteenth century after commercialization of the electric telegraph and electrical...
in 1952.
Career
In 1958, he founded Clairtone with business partner David Gilmour. This company manufactured high-end console stereos and later televisions, which were recognizable icons of their day. The most famous Clairtone designs were the "Project G" series which was seen in the film The GraduateThe Graduate
The Graduate is a 1967 American comedy-drama motion picture directed by Mike Nichols. It is based on the 1963 novel The Graduate by Charles Webb, who wrote it shortly after graduating from Williams College. The screenplay was by Buck Henry, who makes a cameo appearance as a hotel clerk, and Calder...
.
Later, he founded and was Chairman and CEO of Southern Pacific Hotel Corporation, the largest hotel
Hotel
A hotel is an establishment that provides paid lodging on a short-term basis. The provision of basic accommodation, in times past, consisting only of a room with a bed, a cupboard, a small table and a washstand has largely been replaced by rooms with modern facilities, including en-suite bathrooms...
and restaurant
Restaurant
A restaurant is an establishment which prepares and serves food and drink to customers in return for money. Meals are generally served and eaten on premises, but many restaurants also offer take-out and food delivery services...
chain in Australasia
Australasia
Australasia is a region of Oceania comprising Australia, New Zealand, the island of New Guinea, and neighbouring islands in the Pacific Ocean. The term was coined by Charles de Brosses in Histoire des navigations aux terres australes...
in the 1970s. Munk is now Chairman and founder of Barrick Gold
Barrick Gold
Barrick Gold Corporation is the largest pure gold mining company in the world, with its headquarters in Toronto, Ontario, Canada; and four regional business units located in Australia, Africa, North America and South America...
, the world's largest gold mining corporation. Munk was founder, Chairman and CEO of Trizec Properties (one of the largest U.S. REITs – listed on the NYSE), where in 2006 Trizec was sold to Brookfield Properties
Brookfield Properties
Brookfield Office Properties Inc. is a North American commercial real estate company. Brookfield Asset Management owns fifty percent of its outstanding common shares. The company has its headquarters operations in New York City and Toronto...
.
He is a distinguished lecturer at James Gillies Alumni Lecture, York University
York University
York University is a public research university in Toronto, Ontario, Canada. It is Canada's third-largest university, Ontario's second-largest graduate school, and Canada's leading interdisciplinary university....
, Toronto. Munk has also been a member of various boards including:
- Trustee of the Toronto Hospital.
- Chairman of the University of Toronto Crown Foundation.
- Member of the World Gold CouncilWorld Gold CouncilThe World Gold Council is a non-profit association of the world's leading gold mining companies, established in 1987 to promote the use of gold. It aims to stimulate demand for gold from industry, consumers, and investors. The Council's Chief Executive Officer is Aram Shishmanian, former head of...
.
Charitable contributions
In 1992, the Peter Munk Charitable Foundation was founded and has since dispersed approximately $100 million to a variety of organizations that work to improve the health, learning and international reputation of Canadians.On May 30, 2006, Munk announced that he would donate $37m to Toronto General Hospital
Toronto General Hospital
The Toronto General Hospital , is a part of the University Health Network, and a major teaching hospital in downtown Toronto, Ontario. It is located in the Discovery District, directly north of the Hospital for Sick Children, across Gerrard Street West, and east of Princess Margaret Hospital and...
, the largest gift ever made to a Canadian medical institution. The donation would help to support the Peter Munk Cardiac Centre, which Munk helped create with a $6m donation to the hospital in 1997. He is also a major donor to the University of Toronto
University of Toronto
The University of Toronto is a public research university in Toronto, Ontario, Canada, situated on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in Upper Canada...
, to which he has donated $50.9 million to establish the Munk School of Global Affairs
Munk School of Global Affairs
The Munk School for Global Affairs at the University of Toronto is an interdisciplinary academic centre on global issues that integrates research with teaching and public education...
. The foundation also created the Munk Debates
Munk Debates
The Munk Debates are a biannual series of debates on major policy issues held in Toronto, Canada. They are run by the Aurea Foundation. A charitable foundation set up by Peter Munk, founder of Barrick Gold and his wife...
.
According to Linda McQuaig's book, The Trouble with Billionaires, Munk’s latest donation to the University of Toronto came with strings attached to ensure that the school would "fit with the political views and sensitivities of Peter Munk." McQuaig writes that "according to Munk's written agreement with the university, the Munk donations will be paid over an extended time period, with much of the money to be paid years from now — and subject to the Munk family's approval of the school. For that matter, the school's director will be required to report annually to a board appointed by Munk 'to discuss the programs, activities and initiatives of the School in greater detail.'" University president David Naylor
David Naylor
Christopher David Naylor, OC, FRCPC, FRSC is a medical researcher and president of the University of Toronto.-Biography:...
rejected personal attacks on donors as "a deplorable affront to the values of rational and respectful discourse that are supposed to characterize a university" and stated "I later served on the board of the University Health Network, in the years when Dr. Munk made two gifts exceeding $40 million to support the cardiovascular program at that hospital. There was not a single instance where Peter Munk interfered with the educational, research or clinical priorities of the institution."
Personal life
Munk is married to Melanie Jane Bosanquet Munk and has five adult children. His daughter Nina MunkNina Munk
Nina Munk is an American journalist and non-fiction author. She is a Contributing Editor at Vanity Fair, where she writes about finance and business, and is the author of .- Background :...
is a contributing editor for Vanity Fair.
Honours
He has received several honorary degrees:- DoctorateDoctorateA doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder to teach in a specific field, A doctorate is an academic degree or professional degree that in most countries refers to a class of degrees which qualify the holder...
from Upsala CollegeUpsala CollegeUpsala College was a private college in East Orange, New Jersey, USA, founded in 1893. Construction of the campus started in 1900. The college closed in 1995, after several years of financial problems.-History:...
, New JerseyNew JerseyNew Jersey is a state in the Northeastern and Middle Atlantic regions of the United States. , its population was 8,791,894. It is bordered on the north and east by the state of New York, on the southeast and south by the Atlantic Ocean, on the west by Pennsylvania and on the southwest by Delaware...
. - Doctorate from Bishop's UniversityBishop's UniversityBishop's University is a predominantly undergraduate university in Lennoxville, Sherbrooke, Quebec, Canada. Bishop's is one of three universities in the province of Quebec that teach primarily in the English language...
, QuebecQuebecQuebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
. - Doctorate from Concordia University, MontrealMontrealMontreal is a city in Canada. It is the largest city in the province of Quebec, the second-largest city in Canada and the seventh largest in North America...
. - Doctorate from Technion – Israel Institute of Technology, Haifa, Israel
- Doctor of Laws from Trinity CollegeUniversity of Trinity CollegeThe University of Trinity College, informally referred to as Trin, is a college of the University of Toronto, founded in 1851 by Bishop John Strachan. Trinity was intended by Strachan as a college of strong Anglican alignment, after the University of Toronto severed its ties with the Church of...
, University of TorontoUniversity of TorontoThe University of Toronto is a public research university in Toronto, Ontario, Canada, situated on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in Upper Canada...
in 1995 - Doctor of Sacred Letters from Trinity CollegeUniversity of Trinity CollegeThe University of Trinity College, informally referred to as Trin, is a college of the University of Toronto, founded in 1851 by Bishop John Strachan. Trinity was intended by Strachan as a college of strong Anglican alignment, after the University of Toronto severed its ties with the Church of...
, University of TorontoUniversity of TorontoThe University of Toronto is a public research university in Toronto, Ontario, Canada, situated on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in Upper Canada...
in 2004, jointly with his wife Melanie Munk
He became Officer of The Order of Canada
Order of Canada
The Order of Canada is a Canadian national order, admission into which is, within the system of orders, decorations, and medals of Canada, the second highest honour for merit...
(Canada's highest civilian honour) in 1993 and was promoted to Companion in 2008; received The Woodrow Wilson Award for Corporate Citizenship in 2002 (the first time awarded in Canada); has been inducted into the Canadian Business Hall of Fame
Canadian Business Hall of Fame
The Canadian Business Hall of Fame honours "Canada's most distinguished business leaders", selected by an independent panel representing Canadian business, academic and media institutions....
, and the Canadian Mining Hall of Fame
Canadian Mining Hall of Fame
The Canadian Mining Hall of Fame aims to recognize the accomplishments of leaders in the mining industry.It was conceived by Maurice R. Brown as a way to recognize and honor the legendary mine finders and builders of this Canadian industry. The Hall was established in 1988...
.