Eskom considers paying bonuses after disastrous performance
17 July 2017
The time to consider bonuses for Eskom executives will come when they start cancelling corrupt contracts and recovering stolen funds and not a day before, says the Cape Chamber of Commerce and Industry.
The Chamber was commenting on weekend reports that the Eskom board wanted to pay bonuses totalling R5.5m to three of its most controversial executives.
“I am amazed that bonuses have even been mentioned,” said Ms Janine Myburgh, President of the Chamber. “It shows that the Eskom board has no understanding of the damage it has done to the South African economy, the reputation of the country or of the anger of their customers.”
“Over the past 10 years, a succession of boards and well-paid executives has presided over the decent of Eskom from one of the top five utility companies in the world to junk status. How is it possible to even think about paying bonuses for such a disastrous performance?”
Ms Myburgh said that what the country now needed to see was the Asset Forfeiture Unit swing into action. “There is more than enough evidence to justify the seizure of at least one coal mine that I can think of, and that’s just for starters.”
She pointed out that the whole electricity industry was changing with the advent of renewables. “Eskom needs a board which understands the challenges that lie ahead and not one with this dreadful record. We need far-sighted people who understand the technologies now available and can make good decisions for the future,” said Ms Myburgh.
Issued by Dean Le Grange, Media and Digital Co-ordinator, Cape Chamber of Commerce and Industry, 17 July 2017