JOHANNESBURG - The world's biggest platinum producer, Anglo American Platinum (Amplats), paid its executive directors and prescribed officers R139million remuneration last year after recording a solid production performance and cutting net debt, according to the 2017 integrated annual report, which was released on Friday.
The total remuneration package of Amplats chief executive Chris Griffith climbed to R32m, from R23.8m in 2016.
His package included an R8m basic salary, medical aid and retirement of R1.4m, an R6.4m cash incentive, R10m towards his bonus share plan, R5m towards the long-term incentive plan and R1m towards "others".
The remuneration package of Ian Botha, Amplats' chief financial officer, increased to R16m in 2017 from R14m in 2016.
Botha’s package comprised a R6m basic salary, R951000 towards his retirement and medical aid, a R4.4m cash incentive and R4.4m towards the bonus share plan.
Griffith and Botha achieved final scores of 84.5 and 87 respectively out of 100 on their performance targets for 2017, which calculates to bonus percentages of 84.5percent and 69.6percent of basic salary respectively.
The score was judged on their performance on health and safety, fatalities, environment, people, costs and returns.
Nombulelo Moholi, Amplats' remuneration committee chairperson, said the company had overcome a number of operational challenges in 2017, including fatalities problems at the Waterval smelter and placing Bokoni on care and maintenance.
“Despite these, we have recorded a solid production performance, up slightly year-on-year, and exceeded 2017 budgeted earnings and net debt-reduction targets. This performance reflects the collective effort of our employees,” Moholi said.
In 2017 the company revived the dividend after six years, with shareholders receiving a R900m payout. Headline earnings increased by 108percent and net debt was cut to R1.8billion from R7.3bn in 2016.
Five years ago, Amplats restructured its operations, which included the sale of non-core assets a bid to cushion the impact of high costs and weakening prices.