The remuneration included a R5.9m retention bonus, R5.6m guaranteed package and R2.8m vesting forfeitable share plan. He received R16m in 2017. The company said Phiri was responsible for leading the implementation and execution of the strategy, policies and business plans, the company said, adding that Phiri provided a link between the management and the board.
Martin Prinsloo, the chief financial officer and executive director, who stepped down last August, received R13.3m. Prinsloo had been with the company for nine years. His remuneration included a R3.9m total guaranteed package, a R4.2m retention bonus, and a R1.5m forfeitable share plan. Prinsloo’s total remuneration was R11m in 2017.
“Considering the prevailing market conditions, affordability and shareholders’ expectations, an average increase of 6.5percent was awarded to executives for the 2018 financial year,” the company said in its 2018 annual report.
The company also said executives and management had consistently been awarded lower increases than unionised employees over the past three years.