By Thapelo Molefe
The Johannesburg Property Company (JPC) has rejected reports that its chief executive officer, Mduduzi Musawakhe “Musah” Makhunga, earns R5.5 million a year.
Instead, it said, the figure quoted in media reports refers to the total employee salary budget allocated to the CEO’s office and not his personal salary package.
In a statement issued on Tuesday, the JPC said Makhunga’s approved total cost-to-company package is approximately R3.5 million per annum and is aligned with governance frameworks and executive salary scales within the City of Johannesburg environment.
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“The CEO’s salary is nowhere near the R5.5-million reported in the media. The figure is what is budgeted for employee salaries in the office of the CEO,” the entity said.
It said executive remuneration is determined through approved remuneration frameworks, benchmarking principles, governance prescripts and regulatory processes
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