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.

pnp thumb100 BusinessLive writes that Pick n Pay’s remuneration committee may have set the scene for a tougher approach to executive rewards in the besieged retail sector with its decision not to pay short-term bonuses for the year to end-February 2017.  

The decision, as a result of poor turnover growth and failure to meet working capital targets, will hit the top executives hard.  For financial 2016, CEO Richard Brasher received a short-term annual bonus of R15m, taking his remuneration to R24.4m.  For 2017, Brasher received remuneration of R10m and no bonus.  Executive director Richard van Rensburg’s pay dropped from R7.1m to R4.7m, while finance director Bakar Jakoet’s fell from R6.6m to R4.8m.  The group’s 2017 annual report shows that, while none of the senior executives received a bonus, discretionary bonuses were paid to key staff at lower management levels.  One remuneration consultant described Pick n Pay’s move as encouraging and indicated the remuneration committee was taking its responsibility seriously.

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