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lonminlogo thumb medium90 90Business Report writes that platinum producer Lonmin said on Tuesday that it had increased the salary of its chief executive, Ben Magara, for the first time since October 2013.  

The company's remuneration committee said in its latest annual report that it had decided to award salary increases of 2.9% and 5%, respectively, for Magara and chief financial officer Barrie van der Merwe for the 2018 financial year.  Their benefits and retirement benefits for the coming year would remain substantially unchanged from prior years.  The increases were against the backdrop of SA’s Consumer Price Index (CPI) having been close to 6% at the end of the 2017 financial year.  In terms of incentive outcomes, the remuneration committee had approved a bonus equivalent to 40% for Magara and Van der Merwe.  There were no major changes proposed in respect of short-term incentives for the coming year.  The company has faced liquidity challenges, owing to the low platinum pricing environment.  Lonmin is the subject of a takeover bid by Sibanye-Stillwater.


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