News & Press: IoDSA in the Press

Unauthorised Executive Bonuses becoming a Trend

Friday, 12 October 2012  
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Executives exceeding their powers by paying themselves unauthorised bonuses appears to be becoming a trend.

Earlier this week, Cipla Medpro put out an announcement on SENS, the Johannesburg Stock Exchange News Service, regarding the resignation of its CEO, following previous announcements of charges being brought against him. Two of the charges relate to the CEO's payment of unauthorised bonuses to himself and a remuneration increase higher than that approved by the board. These took place, it is alleged, over several years.