Eskom executives’ pay hits R50 million

State-owned power utility Eskom paid its top executives a total of R49.2 million in the 2015 financial year, down from R62.6 million in 2014.

The total was also down from R57.4 million in 2013.

It should be pointed out that former chief executive Brian Dames, who left the utility at the end of March 2014, took home a pay package of R15.4 million in 2014.

Two subsequent CEOs, Tshediso Matona and Brian Molefe, shared nearly R8 million in total, including a salary of R3 million for Matona, and R3.8 million for Molefe.

Matona assumed duty on 1 October 2014, but was made to step down following an inquiry in March. Eskom chairperson Zola Tsotsi said Matona were asked to step down in the “interest of achieving results”.

The chairman stressed it was only an inquiry, not an investigation, into the poor performance of generation plants, delays in bringing plants on-stream, the high costs of primary energy, and cash-flow problems.

Molefe was appointed as acting CEO of Eskom in mid April, and in July the utility extended his employment contract.

On 11 August, Eskom reported a surprisingly large profit for the year ended March 2015.

The net profit after tax for the group for the year was R3.6 billion – down from a 2014 total of R7.1 billion.

Revenue for the year improved to R147.7 billion, from R138.3 billion in 2014.

More than 20 non-executive directors shared R7.937 million, while seven exco members took home a combined salary of R21 million.

Molefe and the seven exco members shared a long-term bonus payout of R10.8 million, with the acting CEO getting R1.1 million.

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Eskom executives’ pay hits R50 million