Johannesburg - Edward Kieswetter, chief executive of Alexander Forbes, received a 5.2 million-rand annual bonus before the South African retirement-fund administrator held an initial public offering.
Kieswetter was paid a total of 10.41 million rand, including a basic salary of 4.6 million rand, for the fiscal year ended March, according to the Johannesburg-based company’s annual report, published on its website today.
Kieswetter’s compensation wasn’t disclosed in fiscal 2013.
Alex Forbes, as it’s known, returned to full-year profit in fiscal 2014 after expanding in Africa and selling an insurance business.
Net income was 395 million rand in the 12 months through March, after a loss of 191 million rand a year earlier.
The stock rose in Johannesburg trading after the July IPO and has advanced 8.4 percent this year.
After the listing, Kieswetter was conditionally awarded 1.3 million shares that may vest three years from now, a July 25 statement shows.
He also received 2.98 million shares in Africa’s largest independent retirement fund administrator, at 7.50 rand each, that can be sold starting July next year.
The combined value of both awards at the time of being granted was 32.2 million rand, according to the statement. - Bloomberg News