Industrial Development Corporation (IDC) CEO Geoffrey Qhena earned a total of R10.297-million in the year to 31 March ? up from R7.259-million the previous year.
According to the IDC's 2009 annual report, tabled in Parliament, Qhena's basic salary was R2.673-million, his long-term incentive bonus R2.544-million, his performance bonuses R4.392-million, and benefits such as medical aid, retirement fund, and insurance contributions R688 000.
The performance bonuses represented amounts payable for achieving certain objectives aligned to the corporate targets.
The objectives were approved by the IDC board at the beginning of each period and the amount paid was based on the performance of the corporate team and individual.
IDC chief financial officer Gert Gouws earned a total of R6.940-million ? R1.826 million basic salary, R1.413 long-term incentive bonus, R2.354 performance bonuses, and R1.347 benefits.
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