Today's Labour News

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FronemanFin24 reports that following considerable opposition from shareholders holding almost half of its shares last year and biting commodity prices that are causing the company to retrench employees, diversified miner Sibanye-Stillwater reduced the remuneration of its CEO by two-thirds during the past financial year.

The total executive remuneration bill has also dropped by R353 million as the company heeded the protests of its investors and endeavoured to balance the interests of all stakeholders. The total R55.6 million pay of CEO Neal Froneman was a third of the R190 million he was paid last year. Charl Keyter, the chief financial officer, received R25.6 million, down from the R86.4 million he received the previous year. Sibanye spokesperson James Wellstead said the figures included total guaranteed pay, short- and long-term share incentives, which were linked to the price of the company's shares and paid in cash. The group said it had taken "extensive steps" to engage shareholders, and not only the 47% who had voted against the implementation of its remuneration policy last year. Another 17% of investors had voted against the remuneration policy itself. Writing in the annual report that was published on Friday, Tim Cumming, chairman of Sibanye-Stillwater's remuneration committee, advised that, following the shareholder dissent, the committee undertook a further review of its pay structures and made several changes to address the concerns. Depressed commodity prices have forced the group to cut more than 4,000 jobs, with another 3,000 on the line.

  • Read the full original of the report in the above regard by Sikonathi Mantshantsha at Fin24

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