Today's Labour News

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FronemanBL Premium reports that the pay of Sibanye-Stillwater’s CEO, Neal Froneman, has diminished from the R300m he earned in the 2021 financial year to R55m in the year to end-December.

His remuneration echoes the company’s fortunes, which have been hit by a plunge in the basket price of platinum group metals (PGMs) in the period. The group reported a loss for the year ended December of R37.4bn, from a profit of R19bn in the corresponding period in 2022. These results saw Froneman’s pay slashed from R189m in the 2022 financial year to R55m in the year under review. Sibanye in 2021 raised eyebrows amongst shareholders when it paid Froneman R300m. However, that year Sibanye reported a profit of R33.8bn. The lion’s share of Froneman’s 2021 pay was made up of long-term share incentives that he was awarded in 2018. The poor performance in 2023 saw its top brass, including Froneman, take a haircut on pay. Chair of the remuneration committee Tim Cumming said shareholders had raised several concerns about executive pay. In particular, they had pushed back at “perceived excessive upside” long term incentive (LTI) opportunities for executives. After an in-depth review, the application of an LTI ‘on-award multiple’ – by which the quantum of the LTI awards was factored up based on the executive’s personal/strategic delivery scorecard result – has been discontinued. Another change Sibanye introduced is refining the scorecards used for the evaluation of performance for short-term incentive purposes by introducing a combined operational and personal/strategic delivery scorecard as opposed to previously having them as separate scorecards.

  • Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)

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