This South African company just paid its CEOs R300 million

Compagnie Financière Richemont SA paid its three top executives the equivalent of more than R437 million in compensation over its past financial year.

The company reported a profit of €2.227 billion (R38.6 billion) for the year ended 31 March 2016, on the back of €11.076 billion in sales. It reported an operating profit of €2.061 billion.

The Switzerland-based luxury goods holding company was founded in 1988 by South African businessman Johann Rupert by the spin-off of the international assets owned by Rembrandt Group (now Remgro).

Joint CEOs Bernard Fornas, who retired from the luxury goods company at the end of March, and Richard Lepeu, scored a total package of  CHF 9 700 720 (R152.3 million) and CHF 9 677 172 (R151.9 million).

Read: South Africa’s best paid bosses

The group’s chief financial operator, Gary Saage, picked up CHF 8 500 572 (R133.4 million) for a combined total of CHF 27 878 464 (R437.5 million)

South Africa’s richest man, Rupert, who is chairman of the board at the Swiss group received an annual compensation of €3.0 million (equivalent to CHF 3.2 million, split between salary and pension contributions.

At current exchange rates, his salary was the equivalent of R50 million.

The executive team at Compagnie Financière Richemont SA  often sit top of the Sunday Times rich list.

Senior Executive Committee Pay

Name Role Salary/benefits (CHF) Total (CHF) Total (ZAR)
Bernard Fornas Co-CEO 4 009 329 9 700 720 R152.3 million
Richard Lepeu Co-CEO 3 954 074 9 677 172 R151.9 million
Gary Saage CFO 2 574 126 8 500 572 R133.4 million
Johann Rupert Chairman 1 611 307 3 222 751 R50 million

The total remuneration for the Board of Directors – a total of 18 people, including Absa CEO, Maria Ramos, amounted to CHF 8 972 052 (R141 million), taking total compensation for the executive committee to CHF 36 850 516 (R579 million).

Compensation for the prior year ended March 2015 amounted to CHF 48 904 187, while the salaries of the three top executives for 2015 amounted to CHF 35 976 705.

The Swiss Franc equals R15.71 based on current exchange rates.

The full report can be found here

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This South African company just paid its CEOs R300 million