Johannesburg - Impala Platinum’s directors went without pay increases for a third year as falling prices and a five-month labour strike dragged profit at the second-largest producer of the metal to a 17-year low.
Almost all shareholders at an annual general meeting in Johannesburg today voted to leave payments unchanged.
Chairman Khotso Mokhele, who was re-elected, will get 1.8 million rand, according to the meeting notice.
Ordinary directors will be paid 333,680 rand, with fees for those serving on board committees as high as 157,700 rand.
A recovery from the strike has stumbled on platinum prices that this month reached the lowest level in five years.
Platinum for immediate delivery, down 7.1 percent this year, slid 0.6 percent to $1,273.25 (R14,006) an ounce by 12:34 pm in London.
Impala, which is reviewing almost 10 billion rand of capital projects, posted annual earnings excluding one-time items of 0.86 rand a share for the 2014 fiscal year, the lowest level since 1997, according to data compiled by Bloomberg.
Chief executive Terence Goodlace didn’t get a pay increase or bonus for the period, receiving 7.5 million rand in salary and benefits for the year through June, according to the company’s annual report released in September. - Bloomberg News