Srinivasan Venkatakrishnan, AngloGold Ashanti CEO, said he’s giving away a major portion of his salary to contribute to education.
He wants to show commitment to the future of the country and industry, reports Eyewitness News. Part of his contribution to education will be a bursary for five students to study within the field of economics, finance or accounting at the University of the Witwatersrand.
“What I do want to do is to use some of that salary to effectively change certain things in the long-term, certainly for the industry and for the country as a whole,” says Venkatakrishnan.
He insists that his is not in response to pressure on the mining industry to lower executive salaries, despite conceding that the debate over high pay for CEOs is a major one in the country. As head of the country’s largest gold mining company, Venkatakrishnan earns a R12 million annual basic salary before dividends, shares and other extras but does not feel that he is being overpaid.
“I think it’s a great sign of leadership and I think it brings in a very important debate which is, ‘what do we do around remuneration and how do we move away from just the headlines of big numbers’,” says Old Mutual Investment Group’s Peter Brooke, who hopes the move will set a trend.
Source: Eyewitness News. For more information, click here.