Top platinum miner in hot water with investors over worker deaths

The world’s biggest proxy-advisory firm said the number of worker fatalities in accidents at the operations of Impala Platinum raises questions about bonuses paid to management. 

While Institutional Shareholder Services, which advises some of the biggest investors globally, advocated voting in favour of all the resolutions at the platinum miner’s annual general meeting on 29 October, it questioned some elements of executive pay. 

“Potential concerns continue to be identified under the remuneration policy. Specifically, the ability to make sign-on and retention payments,” ISS said in a note to its clients sent to Bloomberg.

“In addition, bonus payouts may draw scrutiny given the fatalities reported by the company for the year under review.” 

Impala declined to comment. 

In the year ended June 30, four Impala workers died in accidents, the company said in its annual report, saying they were “regrettable” even as overall injury rates improved. 

Two further fatalities occurred in July, and the company suspended operations at its biggest mines to reassess safety procedures. 

In fiscal 2025, eight workers died in accidents. 

In the 2026 financial year, CEO Nicolaas Muller’s total pay was R69 million.

Of that, 79% was in the form of incentives and benefits, and the total was 39% higher than the year before.

Meroonisha Kerber, the company’s chief financial officer, and Executive Director Lee-Ann Samuel had similar increases. 

Craig Miller, the CEO of bigger rival Valterra Platinum Ltd., was paid about 46 million rand in the year ending 31 December 2025.