BL Premium reports that Thungela CEO July Ndlovu’s total remuneration for 2022 nearly doubled after the group’s strong performance, assisted by a surge in the price of coal in the period.
Ndlovu earned R129m compared with the R74m he earned the previous year. This was revealed in the company’s annual report released on Wednesday. Thungela’s profit for the 2022 financial year surged 143% in the year to end-December 2022. The benchmark coal price averaged $270/tonne in 2022, compared with $124/tonne in 2021. Ben Kodisang, chair of the remuneration and nomination committee, observed that during the past year Thungela had continued to deliver value in a complex and highly volatile environment. “It has also seen Thungela really establishing itself as a value-creating company for all of its stakeholders. We are of the opinion that the remuneration policy achieved its objectives in 2022 and we look forward to engaging with our stakeholders to ensure we continue evolving and that our approach to remuneration enables the effective delivery of our purpose and strategy,” he indicated in the annual report. Thungela was spun off from Anglo American in 2021.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
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