POLL | Do you think mining CEO Neal Froneman understands the outrage over his R300m pay package?
Sibanye-Stillwater CEO Neal Froneman’s R300m remuneration has sparked debate about inequality and the huge pay gap in the country.
The Sunday Times reported Froneman received a whopping R300m after a long-term incentive awarded in 2018 topped up his pay package.
Defending his huge payday, Froneman claimed executive remuneration is not well understood.
“I had nothing to do with my remuneration. Only a small portion, I think R28m in this case, is a cash remuneration paid by the company. The R270m shares is a cost to the shareholder”.
He said he had done a good job at the company and had nothing to hide.
“If you have not delivered and you receive remuneration like this, then you should be embarrassed, but the Sibanye team has shot the lights out. Our gold division only had five years of life. We still have 10 to 13 years of life. We have saved 30,000 jobs.”
The huge payday comes amid a volatile strike within the company over workers’ wages.
Unions have accused Froneman and other executives of profiting on the backs of workers.
They want a R1,000 a month salary increase and a R100 monthly “living out” allowance for entry level workers. They have expressed their willingness to cut the allowance demands in half.
In April, the company offered entry level employees a three-year agreement that would include a R50 living-out allowance and R800 salary hike.
National Union of Mineworkers spokesperson Sibonginkosi Mrhasi said workers were an integral part of the company’s success and should also be remunerated.
“If this is about deserved remuneration, mineworkers deserve a salary increase of R1,000 and bonuses.”
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