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Johannesburg - Following the successful hosting of two international cricket events in South Africa recently, namely the IPL and the ICC Champions Trophy, various performance bonuses were paid to more than 40 employees of Cricket South Africa (CSA). The performance bonuses were paid to employees in respect of the sterling contribution they made to the success of both tournaments.
The total bonus payment of R4.7 million was paid into the account of CSA and, after deductions of capital PAYE and other taxes, the bonuses were paid to the individual employees.
The CSA employees, who received the performance bonuses included the CEO, Gerald Majola, and the COO, D. McIntosh, who received amounts of R1 775 148.61 (R1 131 067.61 (IPL) and (R644 081) (ICC)) and R1 447 985.20 (R797 999.20 (IPL) and R649 986 (ICC)) respectively. The balance of the bonus amount was divided amongst the remaining employees.
The Remuneration Committee of CSA (REMCO), ordinarily tasked with employee remuneration matters, has indicated that the payment of bonuses to employees was not authorized by REMCO.
As a result, the Board of CSA at Board meetings on August 4 and 11, 2010 resolved to subject the entire matter to a comprehensive review by an independent review committee. The annual financial statements will accordingly reflect the above position. The Annual Financial Statements have been signed off this morning by CSA’s external auditors, Deloitte, and approved by the CSA Board. The Annual Financial Statements will accordingly be submitted for final approval at the forthcoming AGM on August 21, 2010.
A review committee under the chairmanship of former Chief Justice P. Langa, assisted by forensic auditors from both KPMG and Deloitte has been established for this purpose. In the interim, the CEO Gerald Majola has decided to repay the total bonus paid to him pending final determination of the matter. The legal representative, Bernard Matheson, will facilitate the implementation of the Board resolutions of August 4 and 11, 2010 and, upon completion of the work of the Review Committee, will submit a report to the CSA Board for consideration. A written report relating to the above events has been submitted to the office of the Minister of Sport for his information. The Review Committee is expected to commence its work by mid-September 2010.
The total bonus payment of R4.7 million was paid into the account of CSA and, after deductions of capital PAYE and other taxes, the bonuses were paid to the individual employees.
The CSA employees, who received the performance bonuses included the CEO, Gerald Majola, and the COO, D. McIntosh, who received amounts of R1 775 148.61 (R1 131 067.61 (IPL) and (R644 081) (ICC)) and R1 447 985.20 (R797 999.20 (IPL) and R649 986 (ICC)) respectively. The balance of the bonus amount was divided amongst the remaining employees.
The Remuneration Committee of CSA (REMCO), ordinarily tasked with employee remuneration matters, has indicated that the payment of bonuses to employees was not authorized by REMCO.
As a result, the Board of CSA at Board meetings on August 4 and 11, 2010 resolved to subject the entire matter to a comprehensive review by an independent review committee. The annual financial statements will accordingly reflect the above position. The Annual Financial Statements have been signed off this morning by CSA’s external auditors, Deloitte, and approved by the CSA Board. The Annual Financial Statements will accordingly be submitted for final approval at the forthcoming AGM on August 21, 2010.
A review committee under the chairmanship of former Chief Justice P. Langa, assisted by forensic auditors from both KPMG and Deloitte has been established for this purpose. In the interim, the CEO Gerald Majola has decided to repay the total bonus paid to him pending final determination of the matter. The legal representative, Bernard Matheson, will facilitate the implementation of the Board resolutions of August 4 and 11, 2010 and, upon completion of the work of the Review Committee, will submit a report to the CSA Board for consideration. A written report relating to the above events has been submitted to the office of the Minister of Sport for his information. The Review Committee is expected to commence its work by mid-September 2010.
