Transaction Capital execs cut their own pay for Covid-19 relief
The directors of the taxi financier will donate 30% of salaries and benefits to the Solidarity Fund for April, May and June
The directors of taxi financier Transaction Capital will cut their salaries by 30% for the three months to the end of June in support of the Solidarity Fund.
All nonexecutive and executive directors of Transaction Capital have taken salary, benefit and fee reductions of 30% for the months of April, May and June 2020, the group said on Wednesday.
Transaction Capital’s core operations are SA Taxi, which provides finance and insurance to minibus taxi operators, and Transaction Capital Risk Services (TCRS), which is involved in debt collection and payment processes.
The group did not go into details on Wednesday, but according to its 2019 integrated annual report, executive directors received between R2m and R7.7m in compensation during the group's year to end-September, excluding long-term incentives.