Outgoing Eskom CEO Brian Molefe might pocket a multimillion-rand bonus from the parastatal – despite serving for only 18 months.
His R9.5-million bonus, which was due in June 2018 if he met performance requirements, could be paid out to him in January after he had served his notice period.
He earned a total annual package of R8-million, and the bonus – 7,502,880 shares allotted to him in April last year.
Eskom’s policy states that executives forfeit their shares if they do not remain for the duration of the three-year period, unless there are other permitted reasons.
Board chairman Ben Ngubane this week said they had not discussed Molefe’s payout.
“Our lawyers have said we must not talk anymore and the Department of Public Enterprises will do all the talking. Well, that [Molefe’s incentive payout] has never arisen in our board meetings so I can’t answer such things. This is an issue that has come up suddenly. Really we haven’t gone into that type of detail,” said Ngubane.
Ngubane said even if he wanted to personally give Molefe a payout, he didn’t have the power. “We have to do it in terms of policy. I like the guy, but I can’t just give him a certain amount.”
Eskom spokesman Khulu Phasiwe said any payments to Molefe would be contained in the annual report and made public.
Molefe said he had resigned to protect the image of the state-owned entity and that his move was not an admission of guilt to the finding the released State Capture Report.
Molefe might not need the money as he has built himself a healthy property portfolio over the past seven years.
He was seconded to Eskom in April last year, after four years as group CEO of Transnet.
His property portfolio is worth more than R31-million, and includes two farms worth R18.5-million in Limpopo and near Pretoria. He has other properties in the capital city and in Hartbeespoort, Midrand and Cape Town.
In January this year he bought a farm in Pretoria worth R10-million and in 2013 he secured another in Limpopo worth R8.5-million. The farms are partly bonded and Molefe seemed to have made some cash payments towards them. He bought seven properties in Hartbeespoort worth at least R7.1-million. He has three properties in Irene.