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Fin24 reports that Eskom CEO Brian Molefe, who received a total salary package of R9.467m in the 2015/16 financial year, will not be getting a salary increase in the next year.
The power utility’s spokesperson Khulu Phasiwe explained that Eskom employees’ salaries were determined by a remuneration committee which then made recommendations to the Public Enterprises Minister. “But Eskom’s executive committee will not be receiving any salary increases,” he stressed. In Eskom’s annual report of 2015/16, it was reported that Molefe, who joined the utility in an acting position in April 2015, earned R6.973m from the date of his appointment up until the end of the financial year on 31 March 2016. For the period he also received a short-term bonus payment of R2.469m, which brought his total annual remuneration package to R9.467m. In addition, Molefe was awarded shares in April 2015 to the value of R4.727m.
- Read this report by Liesl Peyper in full at Fin24
- Read too, What makes CEOs expensive? at Financial Mail
Get other news reports at the SA Labour News home page