Moneyweb reports that two announcements from JSE-listed mining companies in the last week have revealed how just four executive directors – two CEOs, a CFO and a COO – will receive in excess of R700 million in guaranteed compensation for last year and this year.

Almost half of this figure – or an astonishing R300.3 million – was the total remuneration for Sibanye-Stillwater CEO Neal Froneman for last year. The bulk of this (R264 million) was in the form of conditional share awards made to the gold, platinum and lithium miner’s top employee. Excluding all of these, Froneman’s total single figure remuneration for the year was R291.6 million. By comparison, his total package was ‘just’ R62.7 million in 2020 (which included R21.3 million in conditional share awards). CFO of Sibanye-Stillwater Charl Keyter had remuneration totalling R147.2 million last year. A full 87% of this comprised conditional share awards (R128 million). Keyter had total remuneration of R30.9 million in 2020. Meantime, Royal Bafokeng Platinum (RBPlat), which is the subject of a bidding war between Impala Platinum (Implats) and Northam Platinum, announced it had managed to secure the services of retiring CEO Steve Phiri for a further 12 months on a fixed-term contract to ensure “organisational stability. COO Neil Carr also retired on 7 April at the AGM and has been retained on the same basis as Phiri. Phiri and Carr were paid R25.25 million and R16.48 million respectively last year. They will almost certainly receive a similar or higher amount for 2022, as well as up to R180 million in accelerated vested shares.

Read the full original of the report in the above regard at Moneyweb

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