Growth Fund bonus pulled

2009-11-04 00:00

A PERFORMANCE bonus of R375 000 paid to the KwaZulu-Natal Growth Fund’s chief executive officer, Dominic du Plessis, has been reversed, Economic Development and Tourism MEC Mike Mabuyakhulu said yesterday.

Mabuyakhulu said this is in light of the government entity performing badly overall in the 2008/2009 financial year.

The fund is a billion-rand entity with the objective of creating economic development through infrastructure projects.

“I don’t expect the CEO to repay the bonus in a lump sum — he would have to enter into an agreement with the board on the terms of repayment,” said Mabuyakhulu.

Mabuyakhulu said that the growth fund’s board needs to take into consi­deration setting up a remuneration committee that would advise the board on the CEO’s salary increments in the future.

This followed the economic development portfolio committee questioning the huge increases in the salaries of Du Plessis and other managers of the fund.

Although nothing could be done to recover the salary increments, said Mabuyakhulu, when it comes to performance bonuses, there are measurement tools and key performance areas that are determining factors of how much should be paid out.

“The performance of the CEO was ordinary and not extraordinary and did not necessitate the payment of a performance bonus,” said Mabuyakhulu.

Attempts to reach Du Plessis for comment were not successful at the time of going to print.

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