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Top brass pocket bonuses as profit dries up.
Byline: JOCELYN NEWMARCH
Top brass pocket bonuses as profit dries up RAND Water paid substantial bonuses to its executives despite declining profit, according to its annual report.
Net profit decreased from R582m in 2008-09 to R302m in the year to March as a result of difficult trading conditions, Rand Water said at its results presentation last week. Nevertheless, CEO Percy Sechemane took home a R511000 performance bonus this year, pushing his package to R2,5m for the year. Parliament is investigating the future of state-owned entities, and MPs have been calling for a cap on salaries and are questioning the substantial performance bonuses paid. Mr Sechemane's bonus …
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