Altron hikes chief executive’s salary from R4.92m to R6.13m
Altron’s annual report released yesterday showed that Nyati’s overall remuneration package totalled R19.07m in 2019, including a performance-related bonus of R7.79m, a pension contribution of R709000 and R4.44m in share options.
However, the total package was still less than the R19.69m he earned in 2018, which included R6.50m reflected as “other bonus”.
Altron said its revenue for the year to end-February rose 30percent to R19.2billion compared with the prior year.
Normalised earnings before interest, tax, depreciation and amortisation increased by 24percent to R1.6bn.
The group said the remuneration packages included total guaranteed packages as costs of employment benefits, such as travel allowances, retirement and medical fund contributions.
It said short-term incentives may be agreed in the form of an annual bonus or a profit-pool-funded bonus and a long-term share-based incentive, which is awarded annually.
Altron said its remuneration policy was in line with the King IV Report on Corporate Governance.
“King IV emphasises that executive remuneration should be fair and responsible in the context of overall employee remuneration,” Altron said.
“The committee acknowledges this responsibility is addressing the gap between the remuneration of executives and employees at the lower end of the pay scale.”
The group said 98.15percent of shareholders voted in favour and endorsed the remuneration policy at the annual general meeting last August.
Altron’s remuneration policy is reviewed annually by the remuneration committee.
Acting chief financial officer (CFO), Tim Jacobs, who resigned in October last year, received a total package of R3.37m, including an annual salary of R2.36m.
Chief operating officer Andrew Holden, who had been acting CFO until the end of April, took home a total package of R19.51m for 2019.
The amount included a guaranteed annual salary of R4.37m, share options of R10.23m, a performance-related bonus of R3.89m and pension contribution of R861000.
This month, Cedric Miller joined the group as the new CFO.
In 2019, Altron paid a combined total package of R41.95m to its executives. This figure was up from R29.5m paid in 2018.
Non-executive chairperson Mike Leeming earned director’s fees of R1.35m during the year.
The total for non-executive director’s fees amounted to R9.70m for Altron’s 12 non-executive directors.
Altron shares declined by 0.66percent on the JSE yesterday to close at R24.16.