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Bidvest: pay hike an error

Nov 20 2009 12:20 Svetlana Doneva

Johannesburg - A reported 34% annual increase in Bidvest's Brand Pretorius' salary has been explained as an error in the Bidvest annual report.

"The matter has been fully investigated and Bidvest reports that Mr Pretorius was in fact granted a 6% salary increase by the group remuneration committee and not the 35% as disclosed in the 2009 annual financial statements," said Bidvest in a statement to the JSE News Service.

Bidvest said the mistake arose as a result of an administrative error.

Earlier this week, Fin24.com reported that shareholder activist Theo Botha had raised a question mark over Pretorius' basic remuneration at the diversified industrial's annual general meeting.

Pretorius had been awarded a basic pay of R2.5m for the year to end-September 2008 and R3.37m for the 12 months to end-September 2009 - an increase of just over 34% - according to the Bidvest 2009 Annual Report.

Reports of Pretorius' salary raised much negative attention this week. Pretorius is CEO of the group's automotive division, Bid Auto.

Bidvest's profits suffered as a result of adverse trading conditions in the South African vehicle sector, and employees were retrenched.

- Fin24.com

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re bivest @mike
Nov 26 2009 17:34 Report this comment

The members are Band , Masson, Pamensky all white re AFS 2009

Bidvest@Mike
Nov 26 2009 13:59 Report this comment

I work for Bidvest and the Remuneration Committee is certainly not all white.

Finger pointing
Nov 23 2009 18:20 Report this comment

Always the racist finger pointing. but I like it :) Imagine what Africa would have been like if all the non-african people stayed in their respective countries and never came here. Now there is something to think about.....

Piwt Strydom
Nov 23 2009 05:50 Report this comment

@The man - I will grant you your wish, I am leaving for America, me and my R300 000 intaxes, and the forex that I earned - I earned R3 million a year for my employer. Now how many black paople mdo you think my taxes were supporting? Are you willing to take over my job, and work 12-14 hours per day?

Stephen
Nov 21 2009 22:25 Report this comment

Bidvest bank. Must be the worst bank to deal with. The service is pathetic. I'am suprised Bidvest or the bank can do anything right.I'am going to close my account and i urge others to do the same!!

@Mike
Nov 21 2009 10:31 Report this comment

Bidvest Remuneration committee is all white, Mike

mike
Nov 21 2009 09:17 Report this comment

@lebo Just to clarify, in case you are making a racist comment. You will find that the HR dept or remuneration committee (due to aa,bee) is mostly black, and that's why there was an unfortunate error...Bwahaaa lol

James @jackey
Nov 20 2009 15:50 Report this comment

You are right, if this happened at government level (which it probably does, a lot) we would have complained. The fact that it happened in a private business makes it completely different. If the government made a mistake like, they taxpayer would have to pay, hence the criticism that would be levelled. It happened in a private business, therefore has no direct impact on the taxpayers. How many pototoes have you got on your shoulder? Should call you Paddy from now on.


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