Forfeit of Eskom chiefs’ bonuses welcomed

Comment on this story


The news that Eskom executives will not get bonuses this year will be seen by many as long overdue. Every time its annual report comes out and the directors’ pay is splashed in the press, people who themselves receive bonuses, regardless of performance, voice disbelief that after holding the economy to ransom, hindering investments in smelters and other energy-intensive industries since 2008, the management is still getting bonuses.

But the argument is not as easy as most make it out to be. For instance, South Africa only experienced its first blackouts since 2008 in March this year. And as Eskom and some economists argued, the rains that soaked its coal, causing that load shedding, were beyond its control.

As Lynn McGregor, a senior research fellow at the Stellenbosh Business School’s unit for corporate governance, put it, looking at the situation that Eskom’s current management inherited – with a fleet of 30-year-old power stations and a massive maintenance backlog – it has done reasonably well to deal with that situation.

But was Eskom’s announcement that 30 executives forgo their bonuses just a public relations exercise? Some might wonder.

If the company wanted to arrest all cost increases, could it not postpone the R500 million upgrade at its head office, at least until it has found a way to close this revenue shortfall it projects until 2018?

And there is also that R10.08m in long-term bonus payments made to the company’s directors and group executives in the previous financial year. It would be interesting to see how much this would be for the 2013/14 financial year. And considering that this R10.08m was paid out to only 10 individuals, one can expect it to be a sizable amount if all 30 of the executives who forfeited their 2013 bonuses could also sacrifice, or defer, these until such time that Eskom is in a better financial position.

Another point is whether Eskom has factored in the other 8 percent that the National Energy Regulator of SA denied the company in its tariff increase application when it submitted its regulatory clearing account application this year.

Beer

Africa’s economic performance has improved greatly since the turn of the century, leading to large increases in gross domestic product (GDP) per capita and lower levels of poverty. From 2001 to 2011, sub-Saharan African economy grew at an average rate of 5.7 percent. This meant that GDP per capita rose from $461 (R4 933) in 2001 to $1 219 in 2011, according to Africa’s consumer story report by KPMG Africa.

The improvement coincided with an improvement in business environments and a reduction in political risk. However, the improvement has also been measured by the level of alcohol consumption. African beer consumption was estimated at 108 million hectolitres in 2011, with three countries – South Africa, Nigeria and Angola – accounting for 51 percent of this.

The report suggests that as people move up the income ladder, per capita spending on beer rises significantly. Informal trading dominates the market, but a gradual shift from traditional beers such as sorghum-based beers to clear beer starts occurring.

SABMiller has a presence in most African countries and has managed to unlock the potential presented by these markets. The group’s strategy has been to provide beer at lower costs to target lower-income consumers. To lower production costs, the company uses locally produced sorghum and cassava in the production process rather than the more expensive imported barley.

Many African countries are producers of crops that can be used as raw ingredients for beer, such as sorghum, barley, cassava and maize. With the highest population in the continent, Nigeria is Africa’s largest alcohol drinkers, according to Deutsche Bank Market Research.

Based on sales of the world’s largest distiller – Diageo – on the continent, the country accounts for about 36 percent of Africa’s formal alcohol market, according to a sector report on fast-moving consumer goods in Africa by KPMG.

Edited by Peter DeIonno. With contributions from Londiwe Buthelezi and Nompumelelo Magwaza.


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

     

Join us on

IOL-Social networks IOL-Social networks IOL-Social networks IOL-Social networks
limegreen48
I'm a 48 year old woman looking to meet men between the ages of 45 and 55.
View Profile
love_passionately
I'm a 43 year old woman looking to meet men between the ages of 45 and 55.
View Profile
ThisIsTheRemix
I'm a 33 year old woman looking to meet men between the ages of 31 and 41.
View Profile
Kosmos075
I'm a 39 year old woman looking to meet men between the ages of 35 and 55.
View Profile
LuckyCharm_440
I'm a 29 year old woman looking to meet men between the ages of 29 and 40.
View Profile
naty677
I'm a 28 year old woman looking to meet men between the ages of 39 and 62.
View Profile
blondgirl
I'm a 57 year old woman looking to meet men between the ages of 53 and 60.
View Profile
Gypsey4Life
I'm a 51 year old woman looking to meet men between the ages of 50 and 62.
View Profile
AmaJ
I'm a 44 year old woman looking to meet men between the ages of 42 and 50.
View Profile
KayBee75
I'm a 39 year old woman looking to meet men between the ages of 35 and 49.
View Profile
Livs_89
I'm a 25 year old woman looking to meet men between the ages of 30 and 38.
View Profile
Gem31
I'm a 24 year old woman looking to meet men between the ages of 25 and 35.
View Profile
dreamsoftly
I'm a 49 year old woman looking to meet men between the ages of 47 and 58.
View Profile
OneWay
I'm a 39 year old woman looking to meet men between the ages of 35 and 47.
View Profile
Roxyxxx
I'm a 43 year old woman looking to meet men between the ages of 43 and 50.
View Profile
Wonderer_0202
I'm a 42 year old woman looking to meet men between the ages of 40 and 52.
View Profile
Stiletto1
I'm a 53 year old woman looking to meet men between the ages of 50 and 57.
View Profile
HoopvolleToekoms
I'm a 32 year old woman looking to meet men between the ages of 32 and 39.
View Profile
supe24
I'm a 34 year old woman looking to meet men between the ages of 35 and 65.
View Profile
honkytonkwoman
I'm a 58 year old woman looking to meet men between the ages of 55 and 64.
View Profile
KarooBoereMeisie
I'm a 34 year old woman looking to meet men between the ages of 30 and 40.
View Profile
sportliefhebber
I'm a 25 year old woman looking to meet men between the ages of 25 and 31.
View Profile
This_is_m3
I'm a 45 year old woman looking to meet men between the ages of 45 and 50.
View Profile
bluemon
I'm a 30 year old woman looking to meet men between the ages of 30 and 45.
View Profile
NY25
I'm a 25 year old woman looking to meet men between the ages of 25 and 30.
View Profile
MustLoveDogz
I'm a 33 year old woman looking to meet men between the ages of 33 and 43.
View Profile
Sunshine_again
I'm a 46 year old woman looking to meet men between the ages of 43 and 58.
View Profile
Magnolia52
I'm a 52 year old woman looking to meet men between the ages of 50 and 65.
View Profile
Athena
I'm a 37 year old woman looking to meet men between the ages of 37 and 45.
View Profile
Starlight_001
I'm a 35 year old woman looking to meet men between the ages of 35 and 45.
View Profile
AGX
I'm a 36 year old woman looking to meet men between the ages of 35 and 44.
View Profile
itu22
I'm a 22 year old woman looking to meet men between the ages of 25 and 37.
View Profile
Lemoenbloeisel
I'm a 35 year old woman looking to meet men between the ages of 30 and 45.
View Profile
Cat007
I'm a 46 year old woman looking to meet men between the ages of 45 and 55.
View Profile
veldmuis007
I'm a 33 year old woman looking to meet men between the ages of 28 and 35.
View Profile
Rarefind
I'm a 54 year old woman looking to meet men between the ages of 52 and 63.
View Profile
1020
I'm a 34 year old woman looking to meet men between the ages of 34 and 38.
View Profile
xine_414
I'm a 28 year old woman looking to meet men between the ages of 25 and 35.
View Profile
Cymbidium
I'm a 47 year old woman looking to meet men between the ages of 47 and 60.
View Profile
Katryn777
I'm a 34 year old woman looking to meet men between the ages of 34 and 40.
View Profile
CC82
I'm a 32 year old woman looking to meet men between the ages of 30 and 45.
View Profile
MistressofBrand
I'm a 34 year old woman looking to meet men between the ages of 34 and 44.
View Profile
Sugababe
I'm a 41 year old woman looking to meet men between the ages of 32 and 42.
View Profile
nads42
I'm a 42 year old woman looking to meet men between the ages of 38 and 58.
View Profile
Chanex
I'm a 20 year old woman looking to meet men between the ages of 23 and 26.
View Profile
Mysong
I'm a 48 year old woman looking to meet men between the ages of 50 and 55.
View Profile
RiaStar
I'm a 35 year old woman looking to meet men between the ages of 32 and 40.
View Profile
Comet43
I'm a 43 year old woman looking to meet men between the ages of 40 and 54.
View Profile
Duifie038
I'm a 45 year old woman looking to meet men between the ages of 36 and 50.
View Profile
lookingsexy200
I'm a 36 year old woman looking to meet men between the ages of 34 and 45.
View Profile
MademoiselleMyGirl
I'm a 30 year old woman looking to meet men between the ages of 30 and 40.
View Profile
TenderMoments
I'm a 48 year old woman looking to meet men between the ages of 45 and 55.
View Profile
Jimmyhgirl
I'm a 37 year old woman looking to meet men between the ages of 37 and 55.
View Profile
bon1bon
I'm a 35 year old woman looking to meet men between the ages of 29 and 40.
View Profile
Lvit2C
I'm a 29 year old woman looking to meet men between the ages of 27 and 39.
View Profile
Nikkibrid
I'm a 28 year old woman looking to meet men between the ages of 27 and 51.
View Profile
AH1974
I'm a 40 year old woman looking to meet men between the ages of 40 and 48.
View Profile
Vinnette
I'm a 52 year old woman looking to meet men between the ages of 45 and 55.
View Profile
MrsRobinson
I'm a 37 year old woman looking to meet men between the ages of 36 and 45.
View Profile
Veronica2477
I'm a 38 year old woman looking to meet men between the ages of 40 and 50.
View Profile
AMy_303
I'm a 39 year old woman looking to meet men between the ages of 35 and 45.
View Profile
soutenpepper
I'm a 25 year old woman looking to meet men between the ages of 25 and 37.
View Profile
molletdelvalles
I'm a 39 year old woman looking to meet men between the ages of 35 and 55.
View Profile
Foreverinhope
I'm a 48 year old woman looking to meet men between the ages of 45 and 56.
View Profile
ddb65
I'm a 49 year old woman looking to meet men between the ages of 50 and 60.
View Profile
Stella143
I'm a 35 year old woman looking to meet men between the ages of 34 and 45.
View Profile
PhoenixLin
I'm a 32 year old woman looking to meet men between the ages of 25 and 42.
View Profile
sunshinebright
I'm a 55 year old woman looking to meet men between the ages of 45 and 60.
View Profile
thrillsandfrills
I'm a 40 year old woman looking to meet men between the ages of 41 and 45.
View Profile
Lulu_101
I'm a 36 year old woman looking to meet men between the ages of 38 and 45.
View Profile
Dee35_vtd
I'm a 36 year old woman looking to meet men between the ages of 30 and 45.
View Profile
angelface93
I'm a 21 year old woman looking to meet men between the ages of 21 and 29.
View Profile
_Alwayssmiling
I'm a 30 year old woman looking to meet men between the ages of 30 and 41.
View Profile
JustLooking69
I'm a 56 year old woman looking to meet men between the ages of 50 and 60.
View Profile
iamclassy
I'm a 43 year old woman looking to meet men between the ages of 50 and 65.
View Profile
KissFromARose
I'm a 58 year old woman looking to meet men between the ages of 55 and 64.
View Profile
Sosialemeis2
I'm a 28 year old woman looking to meet men between the ages of 35 and 46.
View Profile
LilaBlom
I'm a 23 year old woman looking to meet men between the ages of 23 and 33.
View Profile
Dreamer1987
I'm a 27 year old woman looking to meet men between the ages of 25 and 35.
View Profile
twinkle87
I'm a 27 year old woman looking to meet men between the ages of 28 and 45.
View Profile
Pretty_Nerd
I'm a 28 year old woman looking to meet men between the ages of 28 and 38.
View Profile
kristella
I'm a 30 year old woman looking to meet men between the ages of 30 and 40.
View Profile
JustAnna
I'm a 39 year old woman looking to meet men between the ages of 25 and 55.
View Profile
butterflykisses14
I'm a 30 year old woman looking to meet men between the ages of 31 and 51.
View Profile
devotedlady
I'm a 43 year old woman looking to meet men between the ages of 43 and 55.
View Profile
BMull08
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
voelkos
I'm a 54 year old woman looking to meet men between the ages of 45 and 56.
View Profile
Gem24
I'm a 24 year old woman looking to meet men between the ages of 25 and 40.
View Profile
kel3
I'm a 31 year old woman looking to meet men between the ages of 31 and 38.
View Profile
PearlyGem
I'm a 55 year old woman looking to meet men between the ages of 50 and 60.
View Profile
Lisa_Jayne
I'm a 27 year old woman looking to meet men between the ages of 23 and 35.
View Profile
CreativeSmile
I'm a 37 year old woman looking to meet men between the ages of 36 and 42.
View Profile
findmemyman
I'm a 48 year old woman looking to meet men between the ages of 35 and 50.
View Profile
2gether4ever
I'm a 41 year old woman looking to meet men between the ages of 40 and 50.
View Profile
Belind4_M
I'm a 19 year old woman looking to meet men between the ages of 19 and 30.
View Profile
Bluebell531
I'm a 46 year old woman looking to meet men between the ages of 40 and 60.
View Profile
GirlInterruptedNow
I'm a 41 year old woman looking to meet men between the ages of 38 and 45.
View Profile
ioio
I'm a 37 year old woman looking to meet men between the ages of 35 and 45.
View Profile
pesin15
I'm a 38 year old woman looking to meet men between the ages of 18 and 100.
View Profile
DaffodilTulip
I'm a 48 year old woman looking to meet men between the ages of 40 and 50.
View Profile
cloudhopper
I'm a 56 year old man looking to meet women between the ages of 45 and 55.
View Profile
bellagio
I'm a 69 year old man looking to meet women between the ages of 55 and 65.
View Profile
LEO1982
I'm a 32 year old man looking to meet women between the ages of 24 and 40.
View Profile
LoveFriendFirst123
I'm a 56 year old man looking to meet women between the ages of 50 and 72.
View Profile
Cruisingoldie
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
FeaturedProfile
I'm a 54 year old man looking to meet women between the ages of 40 and 54.
View Profile
Determined_69
I'm a 45 year old man looking to meet women between the ages of 35 and 47.
View Profile
Brad88
I'm a 52 year old man looking to meet women between the ages of 45 and 60.
View Profile
Kent123
I'm a 54 year old man looking to meet women between the ages of 45 and 60.
View Profile
Duk_880
I'm a 39 year old man looking to meet men between the ages of 20 and 50.
View Profile
RVCZ
I'm a 24 year old man looking to meet women between the ages of 18 and 24.
View Profile
Eugene053
I'm a 54 year old man looking to meet women between the ages of 25 and 45.
View Profile
Kawa1000
I'm a 49 year old man looking to meet women between the ages of 40 and 50.
View Profile
PerfectGentleman_700
I'm a 36 year old man looking to meet women between the ages of 25 and 39.
View Profile
Rumrun
I'm a 56 year old man looking to meet women between the ages of 44 and 56.
View Profile
TheRisingSun
I'm a 41 year old man looking to meet women between the ages of 25 and 40.
View Profile
skyandsand
I'm a 31 year old man looking to meet women between the ages of 25 and 35.
View Profile
audiess
I'm a 50 year old man looking to meet women between the ages of 39 and 64.
View Profile
gentlebutcrazy
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
TheRealPeterPan
I'm a 35 year old man looking to meet women between the ages of 28 and 35.
View Profile
Bushbaby210
I'm a 27 year old man looking to meet women between the ages of 21 and 35.
View Profile
Fairtalk101
I'm a 46 year old man looking to meet women between the ages of 25 and 37.
View Profile
DoctorSpin
I'm a 41 year old man looking to meet women between the ages of 30 and 45.
View Profile
OohCharles
I'm a 53 year old man looking to meet women between the ages of 25 and 45.
View Profile
philip_unplugged514
I'm a 62 year old man looking to meet women between the ages of 50 and 65.
View Profile
GideonVisser
I'm a 30 year old man looking to meet women between the ages of 24 and 29.
View Profile
Thebestone1
I'm a 57 year old man looking to meet women between the ages of 35 and 48.
View Profile
plodof
I'm a 58 year old man looking to meet women between the ages of 35 and 55.
View Profile
ch_nb
I'm a 28 year old man looking to meet women between the ages of 18 and 45.
View Profile
srchinluv
I'm a 52 year old man looking to meet women between the ages of 46 and 65.
View Profile
Breukes
I'm a 35 year old man looking to meet women between the ages of 26 and 35.
View Profile
Rebelinbluejeans
I'm a 62 year old man looking to meet women between the ages of 40 and 62.
View Profile
letslook
I'm a 46 year old man looking to meet women between the ages of 25 and 45.
View Profile
BobTheExtremeBuilder
I'm a 47 year old man looking to meet women between the ages of 25 and 47.
View Profile
happymaker66
I'm a 48 year old man looking to meet women between the ages of 25 and 45.
View Profile
cornrlius205
I'm a 46 year old man looking to meet women between the ages of 30 and 50.
View Profile
Gster1
I'm a 64 year old man looking to meet women between the ages of 45 and 60.
View Profile
Mais_171
I'm a 49 year old man looking to meet women between the ages of 40 and 55.
View Profile
Liefasb
I'm a 63 year old man looking to meet women between the ages of 50 and 60.
View Profile
Parmos1
I'm a 64 year old man looking to meet women between the ages of 55 and 63.
View Profile
chester3
I'm a 54 year old man looking to meet women between the ages of 49 and 76.
View Profile
Padriac_1974
I'm a 40 year old man looking to meet women between the ages of 30 and 45.
View Profile
softtail
I'm a 50 year old man looking to meet women between the ages of 35 and 48.
View Profile
saks001
I'm a 61 year old man looking to meet women between the ages of 49 and 60.
View Profile
Ben_57
I'm a 57 year old man looking to meet women between the ages of 42 and 55.
View Profile
oth1982
I'm a 32 year old man looking to meet women between the ages of 18 and 100.
View Profile
Newdreamz
I'm a 49 year old man looking to meet women between the ages of 37 and 46.
View Profile
DeeeXx
I'm a 31 year old man looking to meet women between the ages of 21 and 32.
View Profile
Romanticseb
I'm a 59 year old man looking to meet women between the ages of 45 and 57.
View Profile
QuietDreamer
I'm a 34 year old man looking to meet women between the ages of 25 and 29.
View Profile
WagOngeduldig
I'm a 41 year old man looking to meet women between the ages of 30 and 45.
View Profile
shadowwarrior
I'm a 59 year old man looking to meet women between the ages of 38 and 55.
View Profile
sailor_X897
I'm a 54 year old man looking to meet women between the ages of 35 and 60.
View Profile
Virion
I'm a 30 year old man looking to meet women between the ages of 25 and 33.
View Profile
JustCallMeBwana
I'm a 47 year old man looking to meet women between the ages of 28 and 38.
View Profile
Rich_H
I'm a 48 year old man looking to meet women between the ages of 25 and 48.
View Profile
JustJve99
I'm a 47 year old man looking to meet women between the ages of 40 and 45.
View Profile
M0J0
I'm a 34 year old man looking to meet women between the ages of 23 and 35.
View Profile
thesaltofthesea
I'm a 45 year old man looking to meet women between the ages of 25 and 50.
View Profile
Carden
I'm a 32 year old man looking to meet women between the ages of 24 and 30.
View Profile
Espavo
I'm a 50 year old man looking to meet women between the ages of 30 and 48.
View Profile
CapeLover
I'm a 49 year old man looking to meet women between the ages of 41 and 50.
View Profile
Free_Spirited
I'm a 45 year old man looking to meet women between the ages of 34 and 44.
View Profile
Woody777
I'm a 50 year old man looking to meet women between the ages of 35 and 55.
View Profile
Pottie16
I'm a 44 year old man looking to meet women between the ages of 35 and 45.
View Profile
Teddiebeerpa
I'm a 54 year old man looking to meet women between the ages of 40 and 50.
View Profile
B_B_B
I'm a 43 year old man looking to meet women between the ages of 18 and 45.
View Profile
Double_N
I'm a 41 year old man looking to meet men between the ages of 25 and 50.
View Profile
Abeachboy
I'm a 51 year old man looking to meet women between the ages of 38 and 48.
View Profile
tigercat
I'm a 54 year old man looking to meet women between the ages of 22 and 54.
View Profile
TheDuke_99
I'm a 36 year old man looking to meet women between the ages of 28 and 42.
View Profile
rossi46
I'm a 66 year old man looking to meet women between the ages of 55 and 65.
View Profile
Marley77
I'm a 37 year old man looking to meet women between the ages of 28 and 35.
View Profile
thearchitect1
I'm a 46 year old man looking to meet women between the ages of 36 and 70.
View Profile
waitingforgodot
I'm a 68 year old man looking to meet women between the ages of 53 and 60.
View Profile
koolstoof55
I'm a 59 year old man looking to meet women between the ages of 45 and 63.
View Profile
Jurgy62
I'm a 52 year old man looking to meet women between the ages of 37 and 55.
View Profile
Stressfree
I'm a 58 year old man looking to meet women between the ages of 42 and 52.
View Profile
Glorious_Quest
I'm a 45 year old man looking to meet women between the ages of 32 and 45.
View Profile
IceDad66
I'm a 48 year old man looking to meet women between the ages of 35 and 45.
View Profile
MysticKitesurfer
I'm a 43 year old man looking to meet women between the ages of 27 and 36.
View Profile
matiekat
I'm a 66 year old man looking to meet women between the ages of 18 and 100.
View Profile
GenuineJ
I'm a 64 year old man looking to meet women between the ages of 48 and 64.
View Profile
Dreamzzz
I'm a 48 year old man looking to meet women between the ages of 40 and 45.
View Profile
Lifechanger_7
I'm a 25 year old man looking to meet women between the ages of 18 and 30.
View Profile
anandr
I'm a 57 year old man looking to meet women between the ages of 38 and 65.
View Profile
longingforu
I'm a 35 year old man looking to meet women between the ages of 18 and 38.
View Profile
arew
I'm a 49 year old man looking to meet women between the ages of 30 and 55.
View Profile
boersoekvrou14
I'm a 39 year old man looking to meet women between the ages of 30 and 42.
View Profile
Gerrie1
I'm a 67 year old man looking to meet women between the ages of 50 and 60.
View Profile
heartroll
I'm a 54 year old man looking to meet women between the ages of 49 and 60.
View Profile
Pete_1
I'm a 70 year old man looking to meet women between the ages of 55 and 65.
View Profile
Geard1977
I'm a 37 year old man looking to meet women between the ages of 26 and 40.
View Profile
Summerstorm_007
I'm a 60 year old man looking to meet women between the ages of 48 and 58.
View Profile
PaulA79
I'm a 35 year old man looking to meet women between the ages of 25 and 40.
View Profile
Boereman
I'm a 52 year old man looking to meet women between the ages of 40 and 52.
View Profile
ekke_706
I'm a 50 year old man looking to meet women between the ages of 40 and 55.
View Profile
contour
I'm a 43 year old man looking to meet women between the ages of 34 and 39.
View Profile
LiveLifeAlways
I'm a 43 year old man looking to meet women between the ages of 33 and 41.
View Profile
WanderingShadow
I'm a 39 year old man looking to meet women between the ages of 20 and 40.
View Profile

Business Directory