Ricochet News

DA MP questions NEF CEO’s salary

DA MP questions NEF CEO’s salary

Democratic Alliance (DA) Shadow Deputy Minister for Trade and Industry, Dean Macpherson, has lashed out at National Empowerment Fund (NEF) CEO, Philisiwe Mthethwa, for being paid R5 208 143 during the 2013 / 2014 financial year “despite the fact that the NEF hasn’t been able to fulfil its mandate for the last year”.

According to The Times, Mthethwa received over R2-million in bonuses despite her basic salary being R3 505 234 per year.

Established to provide financial support to Black Economic Empowered Businesses, severe financials difficulties had resulted in the NEF freezing all it’s funding in May 2013 with the ban only being lifted during the same month of this year.

Macpherson stated the freeze failed to deter Mthethwa from being paid a “performance bonus” of R1 593 288 and an additional “long term bonus” of R637 315, both over her basic salary.

“The question remains, if the NEF was subject to a moratorium for an entire year, rendering it unable to fulfil its core function, why was its CEO rewarded with over R2 million in bonuses and a R1 million salary increase?,” he said.

“The NEF should be focusing all of its attention on helping new black-owned businesses to thrive and create jobs. Rewarding a failing CEO with massive payouts is exactly what it should not be doing.”


IMAGE sourced from www.destinyconnect.com