Today's Labour News

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woolworthsBusinessLive reports that the Woolworths top management will not receive Christmas bonuses as the retailer reported its worst results in 10 years and failed to achieve profit targets.  

The executives and directors, including CEO Ian Moir, also missed out on share appreciation rights and part of their long-term incentives awarded in 2014 and due to vest in 2017, Woolworths’s annual report for the year to June, released on Friday, showed.  The total executive wage bill for 2017 (excluding Woolworths Australasia CEO John Dixon) was just R58.5m compared with R94m in 2016.  Remuneration committee chairman Tom Boardman said the retailer’s adjusted profits had not met targets and, as this condition acted as a gatekeeper for the payment of incentives, no short-term incentive payments were to be paid for financial year 2017.

  • Read this report by Moyagabo Maake in full at BusinessLive

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