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BL Premium reports that Sibanye-Stillwater’s annual report showed on Monday that the precious metals producer’s CEO Neal Froneman received a total pay package of R189m in the 2022 financial year, down from R300m the year before.
His total pay fell after the world’s largest producer of platinum group metals (PGMs) posted a drop in profit as commodity prices came off the boil. Its profit fell to R19bn from R33.8bn in the year. But Froneman has delivered enormous value to shareholders since the company was unbundled from Gold Fields in 2013. “Over the period of 10 years, even as the company stands now after a difficult period, you still almost quadrupled your money. It does not really matter how much a person who is doing the job gets paid,” commented Petri Redelinghuys of Herenya Capital Advisors. Asief Mohamed of Aeon Investment Management remarked: “Froneman will either succeed or fail based on the fortunes of the PGM prices and the gold price. Of concern is the increasing fatality trend at certain Sibanye-Stillwater mines.” Four contractor employees died in an accident at its Burnstone project near Balfour in Mpumalanga two weeks ago. The incident happened after the collapse of a newly constructed surface waste rock conveyor. In the latest annual report, Sibanye also announced it was reviewing the board’s composition. The review will look at diversity policy, tenure policy, the rotation policy and monitoring the independence of nonexecutive directors. The group’s ageing board is chaired by Vincent Maphai, 71. Six of Sibanye board members are 65 or older.
- Read the full original of the report in the above regard by Andries Mahlangu at BusinessLive (subscriber access only)
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