Mining bosses’ pay questioned

2013-10-31 10:42

Mining executives’ pay is not consistent with their companies’ performance and should be reviewed.

Speakers at the inaugural Investing in Resources and Mining in Africa conference in Johannesburg tackled executives’ remuneration, with fund managers in particular being scathing about the way chief executives are rewarded, Business Day newspaper reported today.

Gold Fields chief executive Nick Holland’s R45 million pay packet last year was a case in point, the newspaper reported.

“The mining industry is heading in the wrong direction and very rapidly I shall say,” said Old Mutual gold fund portfolio manager Mike Schroder.

“My advice to the CEOs: Julle bly f****n lekker. R45 million? Bliksem! (You’re sitting f****ing pretty. Damn!) Your personal greed is the biggest obstacle for the turning of this trend. Come down with the pay packages or get out.”

Conference chairperson and former Harmony chief executive Bernard Swanepoel said pay packets were “exorbitant and over the top”.

A new pay determination formula was needed.

“The credibility of executive management gets undermined by pay, which is disproportionate to performance of companies,” Swanepoel reportedly said.

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