Independent Newspapers
Eskom CEO Brian Dames. Photo: Leon Nicholas.
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, CEO 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 CEO 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. Current minister Malusi Gigaba said in February that the report would be released to the public soon, but this has not yet happened. - I-Net Bridge
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Anonymous, wrote
Wonderful. Let the ANC appointed cadres milk it for what it's worth. Screw the poor, what do they know about these things? They deserve nothing but R240 pm poverty grants and open toilets.
Anonymous, wrote
Jonny Justice, wrote
Once again, we are getting screwed on the deal. We are about to start paying more than R1 per unit of electricity. The motivation for the phased tariff increase was that there was not enough money to meet the increasing demand for affordable energy, but now we see that there is at least enough money to piss away on stupid corrupt execs. This action is criminal, and if government doesn't step in and take serious action against this then their unwillingness will show us just how little we can trust them to protect our welfare.
Tony, wrote
Oh now I get it: The more you mess up, the higher the pay. They should not even got an increase.They did not work for it.
Anonymous, wrote
Pathetic... how can the government agree to all those rate hikes in essence supporting Eskoms record profits and pay increases. Eskom mismanaged South Africas national electricity grid, resulting in continued blackouts, loss of offshore investments, and the citizens pick up the bill? As a parastatal, bailed out but the SA citizen, all profits should go directly into infastructure projects. Its time for Eskom to correct the mess they've created. Start by paying off the world bank loan!
Charpatter, wrote
Just so you guys below know, I complain all day about everything. Ask Pick n Pay. This is ridiculous though I can assure those who wonder whether the execs concerned read this, they probably do and the don't care! If any of them had a conscience they wouldn't accept such a huge increase and then beg us daily to use less electricity. Easy when you have a monopoly.
Anonymous, wrote
Anonymous, wrote
This is nonsense once again. Won't these people ever learn the ANC and it's deployed cadres are rotten to the core.
Ivanovich, wrote
What is Eskom but another Government Rip-Off? And most South Africans will still vote them in and get ripped off with Increased Power Prices every year and bigger and bigger Salaries for those at the Top! Just like our Government and Big Business whether it is BEE or not!
Anonymous, wrote
Anonymous, wrote
I must be happy with a R2 ph rate increase, I do my work and don't complain because it simply will not help. So these guys can't complain if you ask me. but nobody asked me, so I'll just carry on with my job. greedy whiners
Anonymous, wrote
The saddest part is that those same executives will not approve even a 10% increase for their employees when it comes to wage negotiations with unions! Now that's sad...and pathetic...not to recognise the working class!
Neo, wrote
Some people just cant get their heads around these figueres,anyway we are not all worthy of such amounts. People who argue this forget that there are "key people" people whom its unquestionable that they have brought billions to companies by their own developed strategies and methods. people are having a hard time comparing their 500kpa to a 3m Eskom is giving thier execs.....if most of you applied your energiesbrains positively in your current work,maybe just maybe one day you will be ranking the same
Kgwadi, wrote
@K_za.Nope.just being factual.Maybe the charges at the banks are good for a R50m+ salariesbonuses.Maria Ramos earned at least R10M at transnet.Be factual and leave politics aside.
kgwadi, wrote
@BlackLion and @Hilton. Good points guys,unlike most anonymuses who spit from nowhere.Private sector directors earn more than 10m per year but no one cry abt their service(charges etc).Bloody agents.
kgwadi, wrote
@Anonymous at 10:27am on 28 June 2011. You are an anonymus a#$##%le.Give ur anonymous side of ur thought you %$##$%#$%.
Anonymous, wrote
Really now, how the hell can anyone justify those salaries. Eskom has not been delivering now for a while, if the service they offered was actually delivered on a stable grid then by all means pay them whatever the hell they want. How about introducing a performance based salary, deliver on your promises, show detailed costs and complete projects then you shall be entitled to good salaries. Fail to provide and you shall fail to be paid. In private sector if you dont perform you get the boot in government you dont perform you get the golden handshake and get redistributed somewhere else to cock up again.
BlackLion, wrote
Greed is an immortal disease which can be practiced by anyone. You don’t have to be an ANC member to steal. Both public and private corruption is still despicable. You don’t have to be a politician to steal. Is there any difference between thieves from different ethnic groups and political organizations? Don’t be a wolf in sheep clothing
tpgbru, wrote
@Hilton Very valid points my friend. I think we singing from the same hymn sheet. I wonder if any of the top Officials actually read these posts? Would be great though as they would get a sense of what the people are actually saying (good or bad)
Hilton, wrote
@tpgbru, I agree with most of what you are saying. However, this for me is a drop in the ocean and not worth mouthing of about. There are bigger things to concern ourselves with. And we need to start having the same standards for public and private sectors. At least that is how I feel about it. Also, Brian Dames is not an ANC appointment but rather someone who worked his way up from the bottom in Eskom. He holds 4 qualifications, one of which a MBA. On the point of Eskom knowing about the failing infrastructure, yes they did and advise the government under Mbeki but the government failed to act. Thus it is not solely their fault per say. The Mbeki government grossly under estimated the economical growth the country will experience and what that means in terms of power delivery.
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