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News24 Business reports that executive pay at Thungela Resources came under scrutiny when almost 40% of the shareholder vote went against the group’s remuneration implementation policy at the coal producer’s annual general meeting last week.
In the previous year, 94% of the vote supported the policy. The group’s total “variable remuneration” – including bonuses, incentives and share awards – for six Thungela executives surged over the past year by almost R73 million from a collective R16.25 million in 2023 to R88.8 million in 2024. Variable remuneration for Thungela CEO July Ndlovu rose from R8.9 million in 2023 to almost R50 million in 2024, while the chief financial officer Deon Smith saw his variable pay increase from R4.8 million in 2023 to over R22 million in 2024. Notably, however, the total remuneration paid out to both the CEO and CFO was, in fact, lower in 2024 due to large bonuses that were awarded to them earlier, but paid out in 2023. Ndlovu received R60 million in 2024, from R77 million in the previous year – when almost R59 million was paid out as part of “retention and milestone” awards that were granted to him in late 2021. As the AGM vote in question is “non-binding and advisory” in nature, the failure to achieve over 75% on Thursday has no practical effect on the executive pay in 2024, but Thungela is now required in terms of the JSE listing requirements to engage with dissenting shareholders on their concerns.
- Read the full original of the report in the above regard by Lisa Steyn at News24 Business
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