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.

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions. publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24

Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.