[miningmx.com] – SOUTH Africa’s Public Investment Corporation (PIC) earlier this year voted against the executive pay of the country’s largest gold and platinum mining companies, said Bloomberg News citing the state-owned pensions firm.
The PIC said the wage proposals, which it voted against at the annual general meetings of Anglo American Platinum (Amplats), Gold Fields, AngloGold Ashanti and Sibanye Gold in April and May, failed to track performance and were relative to the companies’ peer group.
The PIC’s questioning of executive pay comes against a background of wage talks in the gold and platinum sector with executives from both sectors saying they could not support double digit wage increases for workers.
Gold Fields paid its CEO, Nick Holland, R45.3m in its 2012 financial year, a 38% increase that included R24.3m in share payouts awarded in 2009, Bloomberg News said.
The gold company’s former chairperson, Mamphela Ramphele, had her pay held at R2.4m because it was too high at almost double median figure of resource peers, said Bloomberg News citing the PIC.
“The remuneration policy appears to be inconsistent with best practice,’ said PIC, the biggest owner with 7.3%. “There are no clear defined group performance targets.’
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