Maroga to bag R9m in shares

Johannesburg - About R9m in Eskom shares previously awarded to the parastatal's former CEO Jacob Maroga will be transferred to him later this year and next year.

"This means that Maroga, despite having left the company last year [2009] already, could still make R9m out of the company if he decided to sell the shares," trade union Solidarity's deputy general secretary Dirk Hermann said in a statement on Tuesday.

According to research conducted by the trade union, Maroga will receive 2.9 million shares on March 31 2010.

"The shares were awarded to him on April 1 2007."

A further 4 million shares awarded to him on April 1 2008 will be transferred to him on March 31 2011.

Maroga received shares in Eskom worth more than R2m in 2009, despite his "poor management" of the company, Hermann said.

In addition, he received a salary of more than R5m in 2009.

"This is more than double the salary of the country's president and more than three times the salary of the minister overseeing Eskom.

"In other words, Maroga has already made millions out of Eskom, despite the fact that he led the company deeper into trouble."

The trade union welcomed Eskom's decision to oppose Maroga's compensation claim of more than R80m, as reported in The Sunday Times at the weekend.

"We are very concerned about the large salaries paid to the CEOs of government institutions and parastals, while the CEOs in the private sector often receive much smaller salaries, especially when a company performs poorly."

Solidarity said the government would have to take greater responsibility to ensure poor management at government institutions was not rewarded with big salaries.

Eskom could not comment immediately.

- Sapa