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Johannesburg - Gold Fields [JSE:GFI], which is set to start biennial wage talks with workers next month, gave its directors and top executives a 21% pay increase in 2014.
The company paid its 20 highest-ranking employees, including Chief Executive Officer Nick Holland, R176m ($14m) in salaries, bonuses, pensions and share awards in 2014, the producer said in its annual report published on its website on Tuesday.
Holland, who attracted investor criticism for receiving a R45m pay package in 2012 even as the shares fell, received R28.2m in 2014, a 13% increase on the previous year.
“Gold Fields’ remuneration philosophy aims to attract and retain motivated, high-caliber employees, whose interests are aligned with those of our shareholders,” the company said.
“In 2014, the average increase for employees was 6.875% and that of its senior management 5% on average. This took effect in March 2014.” Consumer inflation averaged 6.1% last year.
Gold Fields, which has only the South Deep mine in South Africa, will begin wage negotiations with labour groups in April.
The National Union of Mineworkers, the biggest representative of gold employees, said this month it may make demands for entry-level basic wages to double.
The companies, which include AngloGold Ashanti [JSE:ANG] and Sibanye Gold [JSE:SGL], have said any pay increases must be linked to productivity improvements.
