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.<\/p>\n
The total was also down from R57.4 million in 2013.<\/p>\n
It should\u00a0be 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.<\/p>\n
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.<\/p>\n
Matona assumed duty on 1 October 2014, but was made to step down following an inquiry in March.\u00a0Eskom\u00a0chairperson Zola Tsotsi said Matona were asked to step down in the “interest of achieving results”.<\/p>\n
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.<\/p>\n
Molefe was appointed as acting CEO of Eskom in mid April, and in July the utility extended his employment contract.<\/p>\n
On 11 August, Eskom reported a surprisingly large profit for the year ended March 2015.<\/p>\n
The net profit after tax for the group for the year was R3.6 billion – down from a 2014 total of R7.1 billion.<\/p>\n
Revenue for the year improved to R147.7 billion, from R138.3 billion in 2014.<\/p>\n
More than 20 non-executive directors shared R7.937 million, while seven exco members took home a combined salary of R21 million.<\/p>\n
Molefe and the seven exco members shared a long-term bonus payout of R10.8 million, with the acting CEO getting R1.1 million.<\/p>\n
Brian Molefe acting Eskom CEO<\/a><\/strong><\/p>\n