Sibanye-Stillwaters CEO Neal Froneman Earns R300m Paycheck While Miners Demand Wage Increase

Sibanye-Stillwaters CEO Neal Froneman Earns R300m Paycheck While Miners Demand Wage Increase

  • Sibanye-Stillwater CEO Neal Froneman took home an astonishing R300 million salary in 2021 after previously earning R62.73 million in 2020
  • Froneman's basic salary is R12.42 million, his bonus was R7.8 million and R264 million in conditional shares was paid
  • The company's miners who have been striking for 40 days have lost just under R1 billion in wages

PAY ATTENTION: Follow Briefly News on Twitter and never miss the hottest topics! Find us at @brieflyza!

JOHANNESBURG - The CEO of Sibanye-Stillwater Neal Froneman earned an incredible R300 million in 2021 according to the company’s annual suite of reports. The business leader in the platinum mining company previously earned R62.73 million in 2020.

His basic salary is R12.42 million an added bonus was R7.8 million and to top it off R264 million was paid to him from conditional share proceeds. Other top dogs in the company also were treated to delightful payday.

Read also

More than 10 million beneficiaries of Sassa's R350 social grant already paid, social media users slam claims

Business news, Sibanye-stillwaters, CEO, Neal Froneman, R300million, paycheck, miners
The CEO of Sibanye-Stillwater earned a whooping R300 million paycheck. Image: Waldo Swiegers/Getty
Source: Getty Images

Froneman was appointed CEO of the company in 2013 and since then it has bloomed when the business was created from the Gold Fields' old South African gold mines. The company later moved over to platinum group metals after purchasing Anglo American's, Lonmin's platinum and Stillwater mines, News24 reported.

Meanwhile, the mining giant has offered its striking workers an increase of R850 per month after it initially offered R700.

Enjoy reading our stories? Download the BRIEFLY NEWS app on Google Play now and stay up-to-date with major South African news!

The strike has been ongoing for more than 40 days and employees lost just under R1 billion in wages, according to eNCA.

South Africans outraged over the exuberant payday

@LagerMntumni said:

“They are hopping mad now, calling this immoral.”

@MechIndustries wrote:

“What a disclosure in the middle of wage negotiations! I wonder how Unions feel about this.”

Read also

KZN floods: Government corrects error related to estimated cost to fix Prasa, R17bn needed, SA reacts

@WalterHolder3 commented:

“There's something obscene about this.”

@Somagwaza3 posted:

“Yho! Whereas the 43 miners were killed for demanding a mere R12.5. South Africa is a crime scene.”

@Protea72 said:

“How can one person get R300m while his staff get next to nothing? Doesn’t this guy have a conscious? How cruel is that? No CEO must get more than R5 million a year.”

@snav06 added:

“That is disgusting.”

Cosatu threatens nationwide strike, demands salary increases

Briefly News previously reported that South Africa could be shut down if the Congress of South African Trade Union Cosatu’s plan to go ahead with a national strike is a success.

The trade union wants a number of demands as far the public sector is concerned and it is reported that talks between the government and public sector unions on salary increases have hit a deadlock.

Various media houses have reported that a national strike is on the horizon following a failure to reach a consensus in the negotiations. Various media houses have reported that a national strike is on the horizon following a failure to reach a consensus in the negotiations.

Source: Briefly News

Online view pixel