South Africa’s Pioneer Foods has taken disciplinary action against 41 employees involved in the price-fixing scandals that have recently engulfed the company.
An external, independent presiding officer looked into the matter and 38 employees admitted guilt and received written warnings. One was found not guilty and two cases are still being processed.
Besides the written warnings, executive management did not receive any incentive bonuses, while the company’s executive directors did not receive increases for 2011. The majority of executive managers, meanwhile, were not allocated new share appreciation rights for next year.
In strengthening its governance and compliance protocols, Pioneer said it had appointed a compliance and risk officer, revised its code of ethics and implemented online compliance training for about 1,900 personnel.
Last month, Pioneer agreed to pay a ZAR500m fine to settle anti-trust investigations into alleged price fixing within its flour, corn-processing and bread divisions.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
![](/wp-content/themes/goodlife-wp-B2B/assets/images/company-profile-unit.png)
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData