PFG - Pioneer Food Group Limited - Disciplinary action taken in respect of
PFG
PFG
PFG - Pioneer Food Group Limited - Disciplinary action taken in respect of
Competition Commission matters
PIONEER FOOD GROUP LIMITED
Incorporated in the Republic of South Africa
(Registration number: 1996/017676/06)
JSE share code: PFG
ISIN: ZAE000118279
("Pioneer Foods" or "the Company")
DISCIPLINARY ACTION TAKEN IN RESPECT OF COMPETITION COMMISSION MATTERS
PSG Capital (Pty) Limited is authorised to announce that following the
confirmation of the settlement agreement by the competition tribunal on 30
November 2010, appropriate action has been taken by the board of Pioneer Foods
to discipline management responsible for the transgressions of the Competition
Act 89 of 1998.
Disciplinary action was taken against 41 (forty one) employees, of which 1 (one)
was found not guilty by an external independent presiding officer, 38 (thirty
eight) admitted to guilt and received written warnings, while action against 2
(two) employees is still in process.
In addition to the above, executive management did not receive any incentive
bonuses for the year, executive directors did not receive any increases for 2011
and the majority of the executive management team were not allocated new share
appreciation rights for 2011.
Pioneer Foods has strengthened its governance and compliance protocols,
appointed a compliance and risk officer, approved a revised code of ethics and
implemented on-line compliance training to approximately 1 900 (one thousand
nine hundred) relevant employees.
Stellenbosch
21 December 2010
Sponsor
PSG Capital (Pty) Limited
Date: 21/12/2010 14:17:01 Produced by the JSE SENS Department.
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