NEF: Lower bar, higher pay, Financialmail.co.za – Financial Mail
HAVING run out of money to make funding commitments to fulfil its mandate of supporting black emerging entrepreneurs for most of the financial year, the National Empowerment Fund has now found enough cash not only to pay its CEO a bonus, but also to inflate the executive wage bill by over three times the inflation rate. And it is still extending its begging bowl to the taxpayer for a capital injection.
The R15,8m the NEF paid its executive team and senior management in the year ended March 2014 was 20,6% higher than the R13,1m it paid them last year. The figure included bonuses totalling R5,3m.