Browsing by Author "Ndlovu, Vuyani."

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The relationship between executive remuneration and company performance in South Africa.
(2016) Ndlovu, Vuyani.; Mutambara, Emmanuel.
Executive remuneration has been the subject of close scrutiny, huge public outcries and criticisms in the recent past. This has invariably attracted unprecedented research interest across different sectors of the economy. This research study examined CEO remuneration-company performance relationship in the South African context. The focus was to determine if these two constructs were correlated and aligned with the corporate governance principles as postulated in the optimal contracting theory. The study was therefore motivated by the desire to provide data-based evaluation of the existence, nature and magnitude of CEO pay-performance sensitivity. Ultimately, this sought to contribute to the creation of an efficient executive remuneration package design model. To this end, an archival quantitative research approach was adopted. Secondary data for CEO remuneration and company performance metrics of the JSE listed entities were statistically analysed. For results’ interpretation, descriptive, regression and time series statistical analyses were performed. Study findings confirmed the existence of a positively linked relationship between CEO remuneration and company performance in South Africa. Based on regression analyses, the overall relationship was found to be weak to moderate. It was however found that market based company performance measures (Share price and earnings per share) had stronger influence on executive remuneration determination. The research further confirmed the existence of two key total remuneration components, fixed guaranteed pay and performance based short-term incentives, respectively. Whilst CEO remuneration was found to be fixed pay-biased, structural shift towards a more variable pay-dependent remuneration structure was however observed over the six year study period. These research findings were viewed as an affirmation of the positive influence of the new corporate governance and legislative measures (King III and Companies Act (2008)) in ensuring clean corporate governance in South African companies. The expectation is therefore to strengthen the envisaged positive link between executive remuneration and corporate performance, whilst addressing the contentious issue of income disparities between company CEOs and their ordinary employees.
Waste water treatment of effluents from corn processing plant.
(2013) Ndlovu, Vuyani.; Friedrich, Elena.; Trois, Cristina.
South Africa is facing numerous challenges that pertain to increasing water deficit and pollution of water resources. Only 40 out of 821 wastewater treatment works in South Africa achieved Green Drop certifications in the 2010 Green Drop assessments (DWA, 2011). This is not only threatening net water availability but also human health. South African water sources are comprised of 77 % surface water, 14 % return flows and 9 % groundwater (van Vuuren, 2009). This study was therefore intended to explore the quality, quantity and treatability of corn wet milling effluent resulting from Tongaat Hulett Starch Pty Ltd (THS) operations. THS is a major producer of corn derived starch and glucose in Africa. Amongst its three corn wet milling plants in Gauteng (Kliprivier, Germiston and Meyerton) and one in Western Cape (Bellville), 600000 tonnes of maize were processed in the 2011/2012 financial year. The objective of the study was to establish the wastewater footprint of the corn wet milling process. To achieve this, qualitative and quantitative characterisation studies were completed on effluents generated from the Germiston and Meyerton corn wet milling plants, respectively. This characterisation study was focused on volumetric and organic load analyses of the various sections of the corn wet milling process. A full scale anaerobic digestion treatability study of the Meyerton plant effluent was also conducted. The study results indicated that the combined effluent discharged to the Municipal sewer averaged between 2.9 and 3.1 m3/tonne of corn processed. The effluent generated resulted in an average chemical oxygen demand (COD) concentrations of between 6211 and 7790 mg/L, with suspended solid concentrations of between 635 and 899 mg/L. From the full scale anaerobic treatability study, a minimum of 87 % COD removal at organic volumetric loading rates (OLR) of between 0.3 and 3.9 kg COD/m3.d was achieved. It was concluded that corn wet milling effluent can be categorised as high strength in terms of COD concentrations. This type of effluent proved to be amenable to anaerobic digestion treatment. Anaerobic pretreatment of corn wet milling effluent can proportionately reduce pollution loading into the receiving municipal conventional wastewater treatment systems.