Kumba chief executive receives R42.24m pay package for 2019

JOHANNESBURG – Kumba Iron Ore, which is valued at R110billion, paid its executive directors and prescribed officers R128.95million in 2019, the company said in its annual report released on Friday.

The company, which sells iron ore to ArcelorMittal South Africa and to countries including China and Japan, said that Kumba’s chief executive, Themba Mkhwanazi, had received a total pay package of R42.24m in 2019.

Mkhwanazi’s pay package included R8.54m in total guaranteed pay and a R5.3m short-term incentive cash bonus, which was paid last month.

Chief financial officer Bothwell Mazarura received total pay of R15.21m, including a total guaranteed pay of R4.69m and a R1.7m short-term incentive cash bonus. The company said its 12217 employees received R5bn in salaries, benefits and share-based payments during 2019 compared with R4.6bn in 2018.

In 2018, Kumba, a subsidiary of Anglo American, paid executives and prescribed officers R236.68m, largely due to the vesting of the long-term incentive plan (LTIP).