Cipla Medpro Execs. Lose Bonuses for Not Meeting Targets
3/19/2012 8:08:34 AM
Top management at South Africa’s third-largest pharmaceutical company, Cipla Medpro, were forced to forego their "hefty" annual bonuses last year because the company failed to meet its targets, CEO Jerome Smith revealed on Thursday. "I’m not happy. We didn’t achieve our performance targets," he said as he presented the company’s annual results to analysts. Corporate pay is a hot issue worldwide amid increasing concern over a culture in which generous bonuses are paid to senior managements regardless of performance. Top executives are facing increasing scrutiny over their pay, and here in South Africa, Public Enterprises Minister Malusi Gigaba said this week that salaries should be capped at state-owned enterprises.