[miningmx.com] – PETER Gray, CEO of JCI, was in the firing line last week as shareholders wanted to know why he continued to collect a relatively hefty salary when the firm was not generating cash, reported Business Times.
According to the newspaper, Gray earned R9.4m in the company’s 2011 financial year, roughly 50% more than the R6.6m earned by David Brown when he was CEO of Impala Platinum.
By way of comparison, Impala employs about 60,999 people and has a market capitalisation of R115bn whereas JCI is a cash shell with a market value of R189m, said Business Times.
Voicing their displeasure at the company’s annual general meeting, shareholders called for JCI to be declared insolvent – a request turned down by JCI which said it was still solvent and that shareholders would “have to wait for the correct time” before the company could be wound up, Business Times said.
JCI has a 49% stake in the loss-making Boschendal wine estate and an interest in Village Main.
JCI’s total director’s remuneration from 2006 to 2012 was R79m while Gray received bonuses of R38m over the period.
This was the time when JCI was in a series of legal suits with Randgold & Exploration over the recovery of investments defrauded from it during the late Brett Kebble’s management of the firms.
Some R100m was recently paid to KPMG for its forensic audting services over the period, Business Times said. A total of R337m had been spent on compensation for directors, lawyers and financial services.
