Eskom paid R24.4-million to its three senior executives last year, and rewarded its top brass with R62.8-million in performance bonuses since load-shedding first shut down South Africa’s gold mines in January 2008.
As businesses across the country stumble because of the effects of the electricity crisis, costs associated with power plants Medupi and Kusile continue to mount, and taxpayers are shaken by the reality that they may have to bail out the struggling power utility, Eskom’s board awarded its decision-makers with generous salaries and millions of rands in performance incentives.
Last year exiting chief executive Brian Dames took away R15.4-million. This included a termination payment of just over R5-million and three years’ worth of back pay for award performance shares and deferred bonus shares.
The payments had been put on hold, pending the outcome of an independent investigation into the remuneration policy of state-owned enterprises. In 2013 Dames took home R8.46-million.
Chief financial officer Paul O’Flaherty earned R5.89-million during the 2014 financial year. His package included back payments and a R3.27-million termination fee. The year before he took home R5.97-million.
Eskom’s current financial director, Tsholofelo Molefe, earned R3.17-million in the same year…
South Africa Today – South Africa News
