Philisiwe Mthethwa: The R25 million CEO
03 December 2014
According to the National Empowerment Fund's Annual Reports, Philisiwe Mthethwa has earned R25 097 989 since her appointment as the fund's CEO in 2005, which includes R9 778 751 in bonuses.
Making matters worse, is that the R25 million figure is incomplete, as it does not include Mthethwa's package for the 2007 financial year. This information has been hidden by the Department of Trade and Industry for unknown reasons and we are currently trying to get the information.
We therefore know that Mrs Mthethwa earned at least R3 585 427 per year for the seven years excluding 2007. This is significantly in excess of what South Africa's presidents have earned since then, and cannot possibly be justified given the relative size of the entity she manages.
We must also ask why it is that Mrs Mthethwa has received such enormous remuneration, when she has presided over the financial collapse of the entity. The NEF was unable to discharge its mandate from May 2013 to May 2014, not being able to fund any new applications due to severe financial constraints.