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IDC chair pockets R3m more

Oct 19 2009 16:02

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Cape Town - Industrial Development Corporation (IDC) CEO Geoffrey Qhena earned a total of R10.297m in the year to March 31 - up from R7.259m the previous year.

According to the IDC's 2009 annual report, tabled in Parliament, Qhena's basic salary was R2.673m, his long-term incentive bonus R2.544m, his performance bonuses R4.392m, and benefits such as medical aid, retirement fund, and insurance contributions R688 000.

The performance bonuses represented amounts payable for achieving certain objectives aligned to the corporate targets.

The objectives were approved by the IDC board at the beginning of each period and the amount paid was based on the performance of the corporate team and individual.

IDC chief financial officer Gert Gouws earned a total of R6.940m - R1.826m basic salary, R1.413 long-term incentive bonus, R2.354 performance bonuses, and R1.347 benefits.

- Sapa

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Items with an underlying monetary nature Utility, scarcity and exchangeability are the three basic attributes of an economic item which, in combination, give it economic value. All economic items are exchangeable and money is generally the generally accepted medium of exchange. All economic items t... Read their blog...