Naspers CEO scores big payday
Naspers has released its 2017 integrated annual report, detailing how much its executive directors took home over the past financial year.
According to the report, Nasper’s executives took home a subdued salary and bonuses – especially compared to traditional executive level remuneration in South Africa – but also received massive incentives in terms of share options at the group.
Naspers CEO Bob van Dijk took home a total of $2,202,000 (R28,408,000), $973,000 of which was made up of annual cash bonuses and performance-related payments.
In the financial year, he was awarded 147,906 Naspers N shares as part of his long term incentive (LTI), with a fair value of $10.4 million (R134 million).
In comparison, group CFO and financial director Vasili (Basil) Sgourdos and CIO Mark Sorour walked away with $1,376,000 (R1,747,000) and $2,633,000 (R34,027,000), with LTI share options with a fair value of $740,000 (R9.5 million) and $595,000 (R7.7 million), respectively.
“Annual performance payments made in respect of the 2016/2017 performance year for Basil Sgourdos, Mark Sorour and Bob van Dijk were based on a combination of financial, operational and discrete personal objectives, approved by human resources and the remuneration committee,” the company said.
“For Bob van Dijk and Basil Sgourdos these financial objectives had a weighting of 50% of maximum annual bonus and for Mark Sorour the weighting is 30% of maximum annual bonus.”
Naspers chairperson Koos Bekker, who was replaced as CEO by van Dijk in 2014, took home $524,000 (R6,760,860) as a non-executive director.
Executive pay
Share awards
Non-executive director pay
The company recorded solid results for the year to March 2017, increasing revenue by 19% year on year to US$14.6 billion.
Excluding acquisitions, disposals and currency movements, growth was 29%. Businesses outside South Africa contributed 80% of revenues, compared to 77% a year ago, the internet giant said.
Core headline earnings grew 41% to US$1.8 billion, while Naspers recommended the annual gross dividend be increased by 12% to 580 cents, from 520 cents previously.
- Internet revenue climbed 29% to $10.621 billion
- E-commerce revenue climbed 11% to $2.929 billion
- Tencent revenue climbed 39% $7.506 billion
- Mail.ru revenue climbed 8% to $186 million
- Video entertainment was flat at $3.401 billion
- Media revenue declined 3% to $588 million
Naspers has the highest share price on the JSE, and was trading up 0.88% or R24.40 at R2813.50 a share, giving the company a market value of R1.25 trillion.
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