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27 Jun 2011 19:09
State-owned power utility Eskom paid executive committee members 109% more than they were paid last year, according to its financial statements for the year ended March 31.
Eskom’s directors’ remuneration report reveals that R18.5-million was paid to executive committee members, compared to last year’s R8.8-million. The biggest winner was human resources head Bhabhalazi Bulunga, who pocketed 507% more at R3-million, compared to last year’s R501 000.
Of the two executive directors, chief executive Brian Dames was the highest paid at R5.7-million, a 0.9% increase.
However, finance director Paul O’Flaherty took home 346% more at R4.9-million.
Releasing the group’s financial results on Monday, Dames said his management had agreed not to take any bonuses if they could not keep the lights on or achieve targeted savings.
This was despite a public outcry over the pay and bonuses of state-owned enterprise executives, sparked by a high court claim filed by former Eskom chief executive Jacob Maroga for R85-million, which he said he would have earned had his contract not been terminated prematurely.
Former public enterprises minister Barbara Hogan set up a panel, led by former ambassador Barbara Masekela, to review the remuneration of senior management and non-executive directors at state-owned enterprises.
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