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Johannesburg - Pioneer Food Group [JSE:PFG] said on Tuesday that "appropriate action" had been taken by its the board to discipline the managers responsible for anticompetitive behaviour.
This follows a settlement between Pioneer and the competition authorities on a package of penalties for the food company.
Pioneer said that disciplinary action had been taken against 41 employees, one of whom was found not guilty by an external independent presiding officer.
Thirty-eight admitted to guilt and received written warnings, while action against two employees is still in progress.
"In addition, executive management did not receive any incentive bonuses for the year, executive directors did not receive any increases for 2011 and the majority of the executive management team were not allocated new share appreciation rights for 2011," it said.
Pioneer said that it has also strengthened its governance and compliance protocols, appointed a compliance and risk officer, approved a revised code of ethics and implemented on-line compliance training to about 1 900 employees.
In terms of an agreement reached after being found guilty of price-fixing, Pioneer has to pay R500m to the National Revenue Fund.
The agreement also required Pioneer to adjust its pricing of flour and bread to reduce its gross margin by R160m.
The group also agreed to increase its capital expenditure by R150m.
