The CEO of mining giant Sibanye-Stillwater, Neal Froneman, has defended his R300m remuneration for the 2021 financial year and said the company will not be bullied into unsustainable wage demands at its gold mines.

The Sunday Times reports that Froneman, who has been at the helm of the precious metals company since 2013, received the massive bonus after a long-term incentive awarded in 2018 topped up his package.

News of the windfall led to a falling out with striking unions at Sibanye-Stillwater, who accused him of benefiting on the backs of miners.

The company is into its third month of a volatile strike that has pitted unions against management.

Froneman said the problem with executive remuneration is that it is misunderstood. He said his salary and bonuses and even long-term incentives are not determined only by non-executive directors and remuneration specialists; they are also benchmarked against what peers are paid.

He said shareholders approved the remuneration, and he supports the remuneration process being transparent.

The company has grown from having 36 000 employees in 2013 to almost 85 000 in 2021, with wages and salaries increasing from R6bn to R26bn. 

Full Sunday Times report