November 8, 1927 |
|Occupation||CEO of Barrick Gold|
|Known for||Co-Chairman and founder of Barrick Gold|
|Spouse(s)||Linda Joy Gutterson (1956-1970; divorced; 3 children)
Melanie Jane Bosanquet (1973-present; 2 children)
|Part of a series of articles on the
|"Blood for goods"
Munk was born in Budapest, Hungary into a well-off Jewish family, the son of Katherine (Adler) and Louis L. Munk. Hungary was invaded by Nazi Germany in March 1944 when Munk was a teenager. His family escaped the Nazis 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.
In 1958, he founded Clairtone with business partner David Gilmour and backed by Frank Sobey. 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 Graduate. In a clear case of insider trading, Munk and Gilmour quietly dumped 29,000 shares of Clairtone stock in 1967, just before the company's failing financial condition became known, leaving investors and the public to pay the bill for their mismanagement.
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:
- Trustee of the Toronto Hospital.
- Chairman of the University of Toronto Crown Foundation.
- Member of the World Gold Council.
In 1992, the Peter Munk Charitable Foundation was founded and has since disbursed 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, 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. The latest contract between the Munk Foundation and the University of Toronto has come under intense criticism due to the secrecy that shrouded its approval, and the fact that Munk's contribution of $35 million were conditional on $25 million contributions each by the federal government and the University. Coming at a time of intense downsizing and threats to the funding of other academic units, critics charge that these decisions are emblematic of the government's and the University's ceding of academic resource allocation decisions to the corporate sector.
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."
In 1956, Munk married Linda Joy (Gutterson), an endowed-in Professor of English & author at the University of Toronto. The couple divorced in 1970. They had three children. In 1973, Munk married his current wife, Melanie Jane Bosanquet, with whom he had two more children. His children are Anthony, a director of Onex Corporation and his father's company Barrick Gold; Nina Munk, a New York-based freelance writer and author of a book on her father's failed business Claritone; Natalie; Cheyne, now principle of her sister Nina's UrbanHound.com site; and Marc-David, a doctor and healthcare executive.
Munk is an honorary board member of the Jewish National Fund (JNF) - Toronto. JNF is an agency mandated by the state of Israel to manage the lands of historic Palestine for the benefit of Jews worldwide.
He has received several honorary degrees:
- Doctorate from Upsala College, New Jersey.
- Doctorate from Bishop's University, Quebec.
- Doctorate from Concordia University, Montreal.
- Doctorate from Technion – Israel Institute of Technology, Haifa, Israel
- Doctor of Laws from Trinity College, University of Toronto in 1995
- Doctor of Sacred Letters from Trinity College, University of Toronto in 2004, jointly with his wife Melanie Munk
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 outside the U.S.); has been inducted into the Canadian Business Hall of Fame, and the Canadian Mining Hall of Fame.
- "Anna Porter on a Hungarian pariah". CBC News. 2006-09-21.
- Ligaya, Armina. "Anna Porter on a Hungarian pariah", CBC News, September 21, 2006.
- "Peter Munk Industrialist and Graduate". University of Toronto. Retrieved 4 January 2011.
- Pitts, Gordon (2008-04-18). "Peter Munk: The lessons from the Clairtone story". The Globe and Mail (Toronto).
- Cave, Andrew (2008-02-26). "Midas Munk has a real heart of gold". The Telegraph (London).
- "Jolly gold giant". The Economist. 2008-04-17.
- Cole, Patrick (2006-05-30). "Barrick Gold's Peter Munk Gives $33.6 Mln to Toronto Hospital". Bloomberg.
- "Great Minds brainstorm corporate takedown".
- Linda McQuaig and Neil Brooks, "Excerpt: The Trouble with Billionaires by Linda McQuaig and Neil Brooks", The Toronto Star, September 10, 2010
- The Memorandum of Agreement between the Munk Foundation and the University is available on the University of Toronto's website and detailed critiques of the contract can be found online.
- Caplan, Gerald "Money really can buy anything – even at the University of Toronto", Globe and Mail, December 17, 2010
- Naylor, David. "President's Letter on Philanthropy at the University of Toronto". Office of the President, University of Toronto. Retrieved 9 March 2011.
- "'Cheyne Munk Beys' LinkedIn profile".
- "LinkedIn profile".
- Lynch, Damian (2008-12-30). "Order of Canada honours for 'Wise Men'". Financial Post Magazine.