In September 2018, the Mail & Guardian reported that the Public Investment Corporation (PIC) CEO Dan Matjila, whose contract was due to run until the end of December 2019, had offered to resign before then in return for a “golden handshake”. More recently, Business Day reported that Matjila had “communicated to the board of the PIC that he intended to resign at the end of April 2019” but the PIC board decided to accept his resignation with immediate effect. It has also said that he would not receive a golden handshake, but that the PIC would be as generous as possible towards him “within legal bounds … in recognition of his contribution to the PIC”. This suggests the board of the PIC does not think that what he earned by way of ordinary remuneration — more than R15m in the year ended March 2018 — was sufficient for the latter purpose. What are golden handshakes and why have their payments become regarded with deep suspicion? The term golden handshake used to refer to an amount contr...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.