Cape Town - The fallout over the steep salary increase for Wesgro chief executive, Tim Harris, continues to simmer, with the board vice-chairman now saying the increase is R300 000 less than initially reported.
Mike Spicer said Harris did not get a R700 000 salary increment on his reappointment as has been reported elsewhere, but instead got a R427 000 increase, before tax and deductions. In a letter to the Standing Committee on Finance, Economic Development, and Tourism that had queried the board’s remuneration decisions, Spicer said: “The news article, stated incorrectly that the Wesgro CEO’s salary increased by R700 000.
“The current contract represents a R427 000 increase over his previous contract, which was unchanged for the previous five-year period.
"This increase will be substantially less after tax and other deductions,” said Spicer.
Spicer added: “The board is satisfied that the reappointment at an annual salary of R2.5 million is market-related and represents value for money.”
Standing Committee chair Deidré Baartman said: “I will invite the Wesgro Board to account to the committee. The purpose is to receive a briefing on the process for remuneration decisions by the board as well as factors taken into consideration.”
The ANC's Nomi Nkondlo said: “Lawyer and commentator Judith February resigned from Wesgro in protest over the increase. It is said more directors are disgruntled.
"On her heels followed board chair Brian Figaji due to alleged undue interference by Finance and Economic Opportunities MEC David Maynier."
@MwangiGithahu
Cape Argus
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