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Business Day reported that Impala Platinum (JSE:IMP) CEO Terence Goodlace is still one of the industry’s lowest paid. The CEO recently rejected a bonus or salary increase.
Business Day reported that Impala Platinum (JSE:IMP) CEO Terence Goodlace is still one of the industry’s lowest paid. The CEO recently rejected a bonus or salary increase.
As quoted in the publication:
Mr Goodlace, who joined Implats, the world’s second-largest platinum miner, in 2012, has declined to increase his salary or agree to accepting a bonus since that time, narrowing the ratio of his remuneration to that of the lowest level underground worker to 37-times last year from 41-times in the previous year.
Other platinum companies do not include similar ratios in their annual reports, making it difficult to compare CEO salary packages on the basis of what the head of the company earns relative to underground employees, a matter that is often a point of friction between management and the unions when CEOs take home enormous amounts of money, particularly in difficult times.