Saturday, June 28, 2008

Good news: Eskom - Bye Bye Bonuses

Eskom's top management will forgo much of their annual bonuses this year, after a troubled few months for the state-owned power utility. Eskom Chairperson Valli Moosa says CEO Jacob Maroga has decided not to take any bonus this year, because of the tough year Eskom's had.

Moosa says the utility had planned to pay Maroga a good bonus, without giving any details. The bonuses of another five senior executives, including Finance Director Bongani Nqwababa and Chief Officer of Systems Erica Johnson will be halved.

Moosa says Eskom is reviewing the criteria it uses to determine bonuses as it is currently based on the utility having excess power capacity. Eskom's load-shedding programme, cutting power to South Africa's cities, mines and industries, has caused immense frustration to most of the country this year.

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