Today's Labour News

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Tiger BrandsFinancial Mail reports that Tiger Brands’ 2018 financial year was a truly nightmarish one when the difficult economic conditions drove every performance measure sharply south.  

So, it must have been a relief for the remuneration committee that it didn’t have to grapple with whether to pay bonuses in a year in which 209 customers died of listeriosis.  There was absolutely no chance of short-or long-term bonuses for any Tiger Brands executives.  Revenue was down 9%, operating income slumped 28% and headline earnings were 26% lower.  Remarkably, if there had been earnings growth, there’s nothing in the group’s remuneration policy that would have stopped the committee from paying generous rewards, despite hundreds of people dying as a result of listeriosis picked up through one of the firm’s products.  Uncertainty about how the listeriosis crisis would be handled by management and the board was a major factor in the halving of the share price during 2018.  That was the second consecutive year the executive directors were not awarded any short-or long-term bonuses.  Separately, it was decided not to pay any of the directors for the 10 additional board meetings called to deal with the listeriosis crisis.

  • Read the original report by Ann Crotty in full at BusinessLive

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