Minister of Public Enterprises Lynne Brown has blocked the R30.1m pension payout received by former Eskom CEO Brian Molefe last month after spending just 18 months at the power utility. On Sunday‚ the minister said she could “not support it” as there was no justification for this payout by the parastatal’s board to Molefe. “I found the argument presented by the board on why the pension arrangement was conceived lacking in legal rationale and it cannot be substantiated as a performance reward because Mr Molefe has already been granted a performance bonus for his contribution to the turnaround of Eskom‚” said Brown. “Nor is the proposed pension payout justifiable in light of the current financial challenges faced not only by state owned companies (SOCs)‚ but by the country as a whole. I have in the past asked Eskom and the other five SOCs in my portfolio to demonstrate financial prudence and social consciousness when considering executive emoluments‚” added Brown. Her remarks follow a...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now