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Business Report writes that Kumba Iron Ore paid its executive directors and prescribed officers R128.95-million in 2019, the company indicated in its annual report released on Friday.
Kumba’s chief executive, Themba Mkhwanazi, received a total pay package of R42.24m, which included R8.54m in total guaranteed pay and a R5.3m short-term incentive cash bonus, which was paid last month. Chief financial officer Bothwell Mazarura received total pay of R15.21m, including total guaranteed pay of R4.69m and a R1.7m short-term incentive cash bonus. The company said its 12,217 employees received R5bn in salaries, benefits and share-based payments during 2019 compared with R4.6bn in 2018. During 2019, Kumba benefited from strong iron-ore prices. Kumba’s earnings before interest, tax, depreciation and amortisation were up by 62% to a record R33.4bn. In 2018, Kumba, a subsidiary of Anglo American, paid executives and prescribed officers R236.68m, largely due to the vesting of the long-term incentive plan.
- Read the full original of the report in the above regard by Dineo Faku at Business Report
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