Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

earningsBDLive reports that banking group Nedbank has succumbed to shareholder pressure, forcing it to review its executive pay policy and to claw back awarded bonuses.  

Nedbank’s Mike Brown is the highest paid of the four largest bank CEOs despite the fact that his bank’s headline earnings performance continues to lag that of its peers.  According to a report released on Thursday, [remuneration] committee chairman Mpho Makwana said it had reviewed its long-term incentive plans and had proposed several changes to its bonus schemes after receiving feedback from shareholders.  "These relate to our ability to, where circumstances necessitate this, forfeit or claw back awards made, including those already vested," Makwana indicated.  The changes include the insertion of a negative bonus system for poor performance in the group’s various share incentive schemes.  The changes in policy will be implemented this year following a nonbinding shareholder vote at the annual general meeting next month.

  • Read this report by Moyagabo Maake in full at BDLive

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