AMCU Angered at Amplats Bonus Share Scheme for Management

Business Day Live reported today that the Association of Mineworkers and Construction Union in South Africa is more than a little unimpressed with the earnings of management at Anglo American Platinum (LSE:AAL). One of the country’s major platinum producers, Amplats and other miners have been locked in a wage dispute with the AMCU for roughly four months.

As quoted in the publication:

Amplats CEO Chris Griffith got R4.05m, which would take a worker earning R12,500 a month 27 years to earn, and double that timeframe if the calculation is made on the current basic salary. In a scheme vesting in three years, 11 managers stand to earn a total of R51m. Mr Griffith, the highest earner, would take home R11m if certain performance criteria are met, an amount that would take a worker bee 73 years to bag.

Click here to read the full Business Day Live article.