Discovery boss gets a R20 million payday
JOHANNESBURG - Discovery, the financial services group, has published their integrated annual report for 2018 which revealed what their top executives got paid.
Discovery's Group Chief Executive Officer, Adrian Gore, scored a total package of R19.8m, which included a R6.6m basic salary, a bonus of R7.8m, long-term incentives of R4.1m and other benefits of R1m and R313,000.
Gore's incentives were based on his handling of the group's bank which is set to launch in South Africa. He also saw to it that the group hit its growth targets and ran a profitable business, Business Tech reported.
The Competition Commission approved Discovery's R1.8bn deal with FirstRand to exit its Discovery Card joint venture.
A statement from the Competition Tribunal said the Competition Commission had recommended that it approve the deal without conditions.
“The Competition Commission, which assesses large mergers before referring them to the Tribunal for its decision, evaluated the transaction and concluded that it was unlikely to raise competition concerns,” the Tribunal said.
Other executives paydays:
- Group financial director - Deon Viljoen: R10.2m.
- CEO of Discovery Life - Hylton Kallner: R29.2m
- CEO of Discovery Health - Jonathan Broomberg: R12.1m
- CEO of Discovery Invest - Kenny Rabson: R13.7m
Lights illuminate the windows of the Discovery Ltd. headquarters office in the Sandton district of Johannesburg, South Africa. Photographer: Waldo Swiegers/Bloomberg
Kallner’s payday, the biggest of the lot was due to a R17.6 million LTI payout, which was as a result of the vesting of a three-year LTI scheme.
The group paid a total of R138.6 million to its executives in SA, R84 million to its executives in the UK, and R14 million to its director in the US. Non-executive directors were paid a total of R17.4 million for the year, an average of about R1.6 million per person.
Finance Minister Tito Mboweni, who was appointed to the Discovery board in 2013, earned R1.3 million.