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NEF CEO earns in line with sector peers

The Board of Trustees of the National Empowerment Fund (NEF) is disappointed by the misrepresentation of facts in a media statement issued today by the Democratic Alliance (DA) alleging that the Chief Executive Officer of the NEF “is most likely South Africa’s highest paid civil servant”.

“For a party that has access to information about the remuneration of executives in the public sector to make such sensational, unfounded and misleading remarks from the seat of the nation’s law-making institution, simply defies logic. As previously stated after Mr Dean MacPherson had made similar claims in the past, the CEO of the NEF is most definitely not the highest-paid public official. As a public institution the NEF is transparent and accountable about the remuneration of its executives. In compliance with good corporate governance practice the NEF publishes the CEO’s emoluments annually in the Integrated Report. In the Integrated Report 2019 this public disclosure is made in pages 147 and 148. Not only is the Integrated Report published on the website of the NEF, it is also distributed widely across the public spectrum,” says Chairman of the Board of Trustees, Mr Rakesh Garach.

NEF recapitalisation is a road nearing an end
The Board applauds the leadership of the CEO, in partnership with trustees and other executives, for efforts to secure recapitalisation and third party funding for the NEF, which last received funding from the fiscus in 2010. The NEF has not sat back, having succeeded in unlocking R8.8 billion in third-party funding from the private and public sectors for the benefit of black entrepreneurs. We are satisfied that the NEF will continue to be resplendent as a beacon of good corporate governance and operational excellence.


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