HARMONY Gold cut chief executive Graham Briggs’s bonus in half after the producer of the metal missed estimates with a quarterly loss and safety efforts failed to prevent 15 deaths.
Briggs was paid R7.3 million in the year to June, including a salary of R5.97m and a bonus of R1.3m, according to the company’s annual report released yesterday. The year before, he was paid R7.97m including a bonus of R2.7m.
Harmony stock has fallen 26 percent this year on the JSE, making it the worst performer on the JSE’s five-member gold mining index. It closed 0.48 percent higher at R69.61 yesterday.
Fifteen miners died in this financial year and Harmony posted a fourth-quarter loss excluding one-time items of 20c a share.
“Remuneration is linked to safety performance at all levels of the organisation to reinforce safety as a top priority,” Harmony said in the annual report.