(Bloomberg) — Gold Fields Ltd., a South African miner starting biennial wage talks with workers next month, gave its directors and top executives a 21 percent pay increase in 2014.Â
The company paid its 20 highest-ranking employees, including Chief Executive Officer Nick Holland, 176 million rand ($14 million) in salaries, bonuses, pensions and share awards in 2014, the producer said in its annual report published on its website Tuesday.
Holland, who attracted investor criticism for receiving a 45 million-rand pay package in 2012 even as the shares fell, received 28.2 million rand in 2014, a 13 percent increase on the previous year.
“Gold Fields’ remuneration philosophy aims to attract and retain motivated, high-caliber employees, whose interests are aligned with those of our shareholders,” the company said. “In 2014, the average increase for employees was 6.875 percent and that of its senior management 5 percent on average. This took effect in March 2014.” South African inflation averaged 6.1 percent last year.
Gold Fields, which has one mine, South Deep, in South Africa, will begin wage negotiations with labor groups in April. The National Union of Mineworkers, the biggest representative of gold employees, said this month it may make demands for entry- level basic wages to double. The companies, which include AngloGold Ashanti Ltd. and Sibanye Gold Ltd., have said any pay increases must be linked to productivity improvements.
