Unauthorised Executive Bonuses becoming a Trend
Friday, 12 October 2012
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.