Charl Keyter, the CFO and executive director of Sibanye-Stillwater, a South African multinational mining group, received a total compensation package of R87.48 million ($4.6 million) from the precious metals mining company in 2022.
Keyter’s 2022 compensation includes a base salary of R6.88 million ($361,273) and a performance-based short-term incentive of R5.54 million ($291,250) linked to the company’s fiscal year performance.
The bulk of his compensation package, amounting to R87.48 million ($4.59 million), comes from a long-term incentive award of R70.27 million ($3.69 million), reflecting his unwavering commitment to the group and his extensive expertise as a seasoned industry professional.
His compensation for the year, which amounts to $4.59 million, represents a notable decrease of 39.01 percent when compared to his 2021 compensation of R143.43 million ($7.53 million).
The decline in Keyter’s compensation can be attributed to the slump in the group’s earnings spurred by several factors, including industrial strikes, electrical supply constraints, and severe weather-related flooding that impacted its operations in the United States.
Keyter, a highly respected executive within the mining industry, has played a pivotal financial role in the transformation of Sibanye-Stillwater. Under his leadership, the company has evolved from a small South African gold miner into one of the world’s most diversified metal producers, with a strong international presence.
With a career spanning more than 27 years and a wealth of experience in South Africa’s financial mining sector, Keyter has been at the helm of Sibanye-Stillwater’s finances since his appointment as director in November 2012 and as group CFO in January 2013.
At the helm of Sibanye-Stillwater, Keyter has led the group to significant financial achievements, playing a key role in the group’s transformation into a leading diversified metals producer with an international operating footprint.
However, in recent times, the group has suffered a significant decline in its earnings; in 2022, its headline earnings declined from R36.9 billion ($2.5 billion) in 2021 to R18.4 billion ($1.1 billion) due to a substantial 20 percent reduction in revenue, which fell from R138.3 billion ($8.4 billion) in 2021 to R172.2 billion ($11.6 billion) in 2022.