Impala Platinum: Chief says no to pay rise and bonuses

IMPALA Platinum (Implats) chief executive Terence Goodlace has sacrificed a pay rise and bonuses for a second time. Goodlace was paid R7.5 million in salary and benefits in the year to June, Implats said in its annual report. He was entitled to a bonus equal to 57 percent of guaranteed pay, or about R4.3m. “Since joining the company in 2012, he hasn’t taken an increase nor participated in any long- or short-term incentive schemes,” Implats said. “He remains resolute in his decision based on low platinum group metal basket prices and the financial crisis facing the platinum industry.” Goodlace’s guaranteed pretax pay was 54 times the salary of Implats’s lowest-remunerated workers, down from 107 times in 2008, the annual report noted. His total pay is less than half that of Anglo American Platinum chief executive Chris Griffith, who earned R17.6m in salary, benefits, bonuses, shares and other pay in the year to December. – Bloomberg