September 2003
Accountancy SA
The recipients of the Deloitte & Touche Good Governance Awards were announced on 23 July 2003.
In the Remuneration Practices category, David Barber, Financial Director of Anglo American SA accepted the winning prize. Asief Mohamed, Fund Manager with Metropolitan, said that companies had managed to move past their former reticence and defensiveness about disclosing individual directors’ remuneration which was a positive development, “However what is sorely lacking in South African corporate financial patterns is a clear delineation of remuneration and performance bonus benchmarks. Annual reports, for instance, do not provide indications of how bonuses or salaries are determined, or how they might be based on key success criteria. Though now disclosing directors’ salaries, companies are failing to disclose the remuneration of their top 20 earners.”