Poor performing Eskom still forks out R50 million in salaries to top executives
6 September 2015
Eskom’s Integrated Report 2015 on the entity’s financial performance for the 2014/2015 financial year shows clearly that Eskom is in a financial crisis – with a revenue having fallen from R7 billion to R3 billion during the period under consideration.
The report also reveals that an amount of R51 million was incurred on fruitless and wasteful expenditure – and that the entity had a high failure rate in terms of performance targets met.
Yet, Eskom still spent an exorbitant R50 million on executive salaries over this period – with an additional R10.8 million being paid out for long-term incentive bonuses. This amounts to R1.4 million per executive member.
The current executives at the helm of this failing entity are performing dismally. It is extremely unjustifiable that they are receiving these exorbitant pay checks and bonuses.