Platinum Firms Pay CEOs 199 Times Higher Than Workers – Mineworkers’ Union

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The militant Association of Mineworkers and Construction Union (AMCU) has accused South Africa’s three platinum producers, Implats, Amplats and Lonmin of double standards, saying they paid CEOs salaries that are 199 times more than ordinary workers.

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Joseph Mathunjwa, the president of AMCU, disclosed the salaries of CEOs of the three platinum producers at the Union Buildings, the seat of government in South Africa’s capital, Pretoria.

Mathunjwa said Ben Magara, the CEO of Lonmin, was paid R6 million a year while Implats paid former CEO, David Brown, R13 million a year. He added that Amplats paid its CEO, Chris Griffith R17.6 million in 2013.

“Comrades, the mines can afford the R12, 500 demand. We started with a year, and now we are saying the demand must be achieved in four years. Still they refused. What do they want?” Sapa quoted Mathunjwa as saying.

Although it is not clear where Mathunjwa got these figures from, this information could have been leaked to AMCU from the latest annual reports, which have not yet been made public.

The JSE requires that listed companies disclose their pay packages on their annual reports.

Mathunjwa made this startling disclosure after striking AMCU workers had marched to the Union Buildings to hand over their demands to the troubled South Africa’s President Jacob Zuma.

The workers’ appeal raised concern over how mining companies and government have failed to make sure the strike ends quickly.

AMCU embarked on wage strike in late January this year, calling for the three world-famous platinum producers to pay them a basic salary of R12, 500 a month.

The union refused the companies’ nine percent salary offer while the companies spurned workers’ press for a revised offer, saying it was still too high.

*Ventures Africa

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