Borshoff, a cut above
HE MAY have cut his salary by 25 per cent, but Paladin boss John Borshoff took home much more money in the year to June 30 than the year before.
The fine print of Paladin's annual report reveals that despite honouring a promise to cut his salary between November 2011 and November 2012 - a promise extended to June 2013 - Mr Borshoff was able to boost his remuneration after a review of annual leave entitlements.
The review focused on annual and long-service leave in a bid to cut Paladin's liabilities, and Mr Borshoff responded by cashing out 220 days of leave.
The transaction netted Mr Borshoff $1,717,000 and helped increase his remuneration to $3,464,000, well above the $2.26 million of the year before.
Mr Borshoff's contract with Paladin has one year left, and provides him with three months' long-service leave for every five years of service. He is entitled to two years of double base salary when he retires or has his employment terminated.
The 52 per cent rise in Mr Borshoff's pay came in the year workers at the company's uranium mine in Malawi had calls for a 66 per cent pay rise rejected.
Paladin maintained that Mr Borshoff's remuneration is warranted, based on his expertise.