Today's Labour News

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Sibanye StillwaterBusiness Report writes that Sibanye-Stillwater paid a total of R119m in cash remuneration for its executives in the year to December 2017 following the revision of its remuneration policies, a lower gold price and changes to its key performance indicators (KPIs).  

The company said it had paid R39.9m cash remuneration to chief executive Neal Froneman, while chief financial officer Charl Keyter received R16.9m in the year to December 2017.  The cash remuneration included shares from the three-year long-term incentive scheme, salaries and cash bonuses for meeting KPIs.  The company paid R200m cash remuneration for executives in 2016.  James Wellsted, company spokesperson, said that compared with 2017, the group had benefited from the firmer gold price in 2016, which helped the share price to gain momentum.  As part of the changes, the revised KPIs for South African gold and platinum assets production and operating costs weighed 30% each, while safety weighed 25% and sustainability 15%.  Stillwater has transformed from a gold company focused on gold mines in SA into the world’s second-biggest platinum and palladium producer.  The changes prompted the revision of group remuneration policies to accommodate employment across the two continents.

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