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Business Report writes that Kumba Iron Ore plans to review its executive remuneration policy in a bid to reach a zero fatality rate. This follows the death of two employees in separate accidents last year.
Kumba’s remuneration committee chairperson Allen Morgan told the company’s general meeting on Thursday the company was committed to revise the policy with shareholders and experts. “Shareholders feel that the penalty for management’s poor safety performance is not severe enough, and we will look at that. We will start a consultation process after July,” Morgan indicated. Shareholder activist Theo Botha told the meeting the company’s executives had “shot the lights out” in bonuses while there were fatalities not only in Kumba, but at parent company Anglo and its platinum subsidiary Anglo American Platinum. “We want to have a situation where the remuneration and performance bonuses are clawed back until the company reaches zero fatalities,” he said.
- Read this report by Dineo Faku in full at Business Report
Get other news reports at the SA Labour News home page