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.

earningsBloomberg reports that the Public Investment Corporation (PIC), which oversees the bulk of the SA government’s pension money, voted against pay policies at more than one third of the annual general meetings it attended between July and September last year.  

The PIC refused to endorse compensation policies at Telkom and Investec, according to its voting report, published on its website.  While shareholders may vote on pay at most annual general meetings, the votes are not binding.  The PIC said that Tito Mboweni, a former governor of the SA Reserve Bank, is receiving “excessive” pay as chairman of Accelerate Property Fund.  Concerns around Telkom included that its short-term bonuses were based only on profitability, no sustainability targets have been set, and one-off items should not have been used in pay calculations.

  • Read this report by Renee Bonorchis in full at Moneyweb
  • See too, Telkom shareholder questions R18.8 million pay to former CFO, at BusinessTech
  • And also, Tito Mboweni receiving 'excessive' pay, says PIC, at Fin24

Get other news reports at the SA Labour News home page