Johannesburg - Impala Platinum Holdings Ltd. Chief Executive Officer Terence Goodlace forewent a pay rise and bonuses for a second time after a five-month strike dragged the no. 2 producer of the metal’s profit to a 17-year low.
Goodlace got paid 7.5 million rand ($662,000) in salary and benefits in the year through June, the Johannesburg-based company said in its annual report posted on its website. He was entitled to a bonus equal to 57 percent of guaranteed pay, or about 4.3 million rand, Impala said.
“Since joining the company in 2012, he hasn’t taken an increase nor participated in any long or short-term incentive schemes,” the company said. “He remains resolute in his decision based on low platinum group-metal basket prices and the financial crisis facing the platinum industry.”
A walkout by more than 70,000 miners at the South African operations of Impala, Anglo American Platinum Ltd. and Lonmin Plc cost the companies about 24 billion rand of stalled output during the stoppage that ended June 24. Producers in the country, which accounted for 71 percent of 2013’s 5.7 million ounces of world supply, are battling to recover from the stoppage as prices trade at nine-month lows and expenses rise.
Impala’s annual earnings excluding one-time items were 0.86 rand a share during the period, the lowest since 1997, according to data compiled by Bloomberg.
Goodlace’s total pay is less than half that of Chris Griffith, the CEO of Anglo American Platinum, the largest producer. Griffith earned 17.6 million rand in salary, benefits, bonuses, shares and other pay during the year through December, the Johannesburg-based unit of Anglo American Plc said in February.
Goodlace’s guaranteed pretax pay was 54 times the salary of Impala’s lowest-remunerated workers, down from 107 times in 2008, according to the annual report.
Bloomberg