The Boss Of Anglo American Received A Massive Bonus That’ll Make You Weep
Story from: 2oceansvibe.com
Last year was a big year for Anglo American.
The mining group has published its annual report for 2016 which not only details the end-of-year package its CEO, Mark Cutifani, took home, but also reports just how well the company itself did.
So first up, Cutifani.
Business Tech reports that Cutifani received a “total salary of R64 million for the 2016 financial year.” Although his basic salary didn’t increase, remaining at £1.26 million (R20.4m) in 2015 and 2016, he landed a massive share bonus to the amount of £2.32 million (R37m).
Of course, the company didn’t do too badly, either, reports Business Tech:
The company reported a massive turnaround in 2016, delivering a first pre-tax profit in five years, while also turning a R4.1 billion operating loss in 2015, into a $1.7 billion operating profit.
During a year of continued slow global economic recovery and low commodity prices on average, Anglo American executed significant cost and productivity improvements, and in the second half benefited from sharply increasing prices for several of its products. This combination enabled a remarkable sector-leading recovery for Anglo American.
Not too shabby, huh? But how does Cutifani, who hails from Australia, compare to the rest of SA’s big bosses?
Well, Anglo American operates 23 mines in South Africa alone, employing 61 000 people, and it could be because of this that Cutifani is one of the highest paid chief executives in the country.
Also, there’s the fact that he earns in pounds:
Other chief executives also benefit from earning in foreign currency, such as BHP Billiton’s Andrew Mackenzie, who took home $2.241 million (R29.4 million) in 2016.
While also losing out in rand terms due to the strength of the local currency, Mackenzie’s salary was also half his 2015 salary in dollar terms, reflecting BHP Billiton’s poor performance last year, the company said.
In contrast, British American Tobacco CEO, Nicandro Durante saw his salary climb even higher in 2016, jumping to £7.63 million (R122 million) a massive leap from his £4.54 million pay cheque in 2015.
If only they would just pay their miners a little better – I feel like they could afford it.
This post is from 2oceansvibe.com. Click here to read the full text
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