Numsa not happy with PetroSA CEO's R5 million salary

Numsa National General Treasurer Mphumzi Maqungo says it has noted the appointment of PetroSA CEO but are concerned about the high salary he will be getting.

The ailing state-owned company Kholly Zono has been appointed with a salary hike and a once-off compensation of R4.6m.

We are saying we need to reconstitute the board, especially all state-owned enterprises. How do we explain that one person can earn R5 million?

Mphumzi Maqungo, NUMSA National General Treasurer

READ: PetroSA employees face Hawks investigation

Ther has been a loss of R2.2 billion but how do you begin to pay an individual such amount instead of making sure this institution is sustainable.

Nhlanhla Gumede, PetroSA Board chair

Meanwhile, PetroSA board chair says they draw from the same pool international companies draw from for skills.

PetroSA is operating in an environment that is dominated by international companies that include big players. Unfortunately, we draw from the same pool in terms of staffing as well as international companies draw from.

Nhlanhla Gumede, PetroSA Board chair

READ: 'Problem child' PetroSA lost R14.5 billion in a year (on a single project)

So therefore if the going salaries in that place is number x and we are paying half x we are not going to be able to get the right set of skills into our company.

Nhlanhla Gumede, PetroSA Board chair

Listen to the full interviews below...


Recommended

by NEWSROOM AI
Read More
'Mathematics syllabus is enormous to be covered within a year,' says expert

'Mathematics syllabus is enormous to be covered within a year,' says expert

Wits University mathematics lecturer Dr Jacques du Plessis says teachers are racing against time in the classroom.

Former Reserve Bank deputy governor Daniel Mminele appointed Absa CEO

Former Reserve Bank deputy governor Daniel Mminele appointed Absa CEO

Absa head of corporate communications Songezo Zibi says Mminele has pedigree both in terms of policy and commercial banking.

PetroSA employees face Hawks investigation

PetroSA employees face Hawks investigation

It's alleged several employees at PetroSA were involved in dodgy procurement processes. They have not been formally charged yet.

PetroSA seals mega deal with Russian firm to help build SA's gas reserves

PetroSA seals mega deal with Russian firm to help build SA's gas reserves

The deal was signed on the sidelines of a Brics meeting in China and amounts to R5.1 billion.

New Energy Minister to probe unauthorised sale of strategic fuel stock

New Energy Minister to probe unauthorised sale of strategic fuel stock

Minister Mmamoloko Kubayi spoke about the sale of SA's strategic fuel stock without the sign off from National Treasury, and more.

'Problem child' PetroSA lost R14.5 billion in a year (on a single project)

'Problem child' PetroSA lost R14.5 billion in a year (on a single project)

It also sold South Africa’s oil reserves when prices were at an eight-year low. New Energy Minister Mmamoloko Kubayi is livid.

Popular articles
Annual consumer price inflation shot up at a rate of 4.5%  - should we worry?

Annual consumer price inflation shot up at a rate of 4.5% - should we worry?

Annual consumer price inflation increased at a faster rate of 4.5% in January, compared to 4% in December.

 Grand Parade Investments sells its interest in Burger King

Grand Parade Investments sells its interest in Burger King

South Africa's Grand Parade Investments (GPI) Ltd will sell its 95.36 percent stake in the Burger King franchise.

 Missing student Alfa Mpetsheni being held by Shanghai security bureau - mother

Missing student Alfa Mpetsheni being held by Shanghai security bureau - mother

Thuli Mpetsheni says she does not know the circumstances surrounding her son's detainment but it appears his visa has expired.

 Business rescue team 'still looking at possible plan to avoid SAA liquidation'

Business rescue team 'still looking at possible plan to avoid SAA liquidation'

SAA returned to Parliament on Wednesday to brief public finance watchdog Scopa on its state of affairs.

Resign or we will block the budget – Lesotho opposition tells Thabane

Resign or we will block the budget – Lesotho opposition tells Thabane

ABC leader and Lesotho Prime Minister Tom Thabane has announced twice that he will retire with no time specified.

We were acting in the member's best interest - Discovery Health

We were acting in the member's best interest - Discovery Health

Discovery Health CEO Dr Ryan Noach explains why they could not fund a valve implant called a Xen stent for a glaucoma patient.

Blame game as five provinces suffer contraceptive shortages

Blame game as five provinces suffer contraceptive shortages

Stop Stock Outs Project manager Kopano Klass explains the investigation they did to unearth this shortage of medicines.

Search continues for guard who stole R4-million from cash depot

Search continues for guard who stole R4-million from cash depot

Saps spokesperson Captain Kay Makhubela says they do not know where she is or if she has skipped the country.

The People’s Dialogue sets sights on private prosecutions – Herman Mashaba

The People’s Dialogue sets sights on private prosecutions – Herman Mashaba

Speaking to Clement Manyathela on the Midday Report, the party founder says the unit will deal mostly with corruption cases.

Employment Equity Amendment Bill to allow state to set transformation targets

Employment Equity Amendment Bill to allow state to set transformation targets

Labour Relations chief inspector Thembinkosi Mkalipi unpacks how this new legislation will be implemented in the workplace.