"Armscor boss 89% remuneration increase must be explained to Parliament"
The Democratic Alliance (DA) believes that the 89% remuneration increase of Sipho Thomo, Chief Executive Officer of Armscor, raises some serious questions that need to be explained to the Parliamentary Portfolio Committee on Defence and Military Veterans.
The remuneration increase includes:
- a 19% salary increase from R1.22 million to R1.45 million; and
- a 1181% benefits increase from R108 624 to R1 391 395.
The Armscor 2008/2009 annual report reveals that Sipho Thomo received a salary increase from R1.22 million to R1.45 million (19% increase) and a benefit increase from R108 624 to R1 391 395 (1181% increase). His total remuneration increased from R1.7 million to R3.27 million, which amounts to a total remuneration of increase of 89 percent.
The benefits increase includes bonuses, performance related payments and restraint of trade payments.
Sipho Thomo is not exactly Jack Welch.