Shoprite CEO White Basson has seen his take-home salary double over the past year, with the executive pocketing R100 million in the group’s latest financial reporting.<\/p>\n
Basson’s double-pay is thanks to a bonus he received from Shoprite for beating the company’s profit growth target for the year.<\/p>\n
His salary included a R49.7 million rand basic salary for the 12 months through June\u00a0–\u00a0\u00a0the same as the previous financial year –\u00a0and a R50 million rand one-time performance-related bonus.<\/p>\n
Basson hasn\u2019t received a basic pay increase since 2013 and has had no one-time payments for five fiscal years, according to\u00a0the group.<\/p>\n
Revenue at Shoprite – Africa\u2019s largest food retailer – in the year to June was R130.3 billion, up 14.4% year-on-year. Pre-tax profit was R6.85 billion, also up 14.4%.<\/p>\n
The group\u00a0declared a final dividend of R2.96, taking its total dividend for the year to R4.52, a 17% growth on the prior year\u2019s R3.86.<\/p>\n
A R100 million salary would place Basson in a small elite group of South African executives earning over R100 million, including the likes of SABMiller former CEO Alan Clark and BHP Billiton chief, Andrew Mackenzie.<\/p>\n
R100 million-plus salaries are often only seen in companies where executives are paid in foreign currency (typically pounds).<\/p>\n
Bernard Fornas and Richard Lepeu, Co-CEOs of Richemont, both saw salaries of over R150 million in 2015, while chairman and South Africa’s former richest man, Johann Rupert took home R50 million.<\/p>\n
According to Rupert, executive salaries in South Africa are justified, considering the value they bring to the companies they manage.<\/p>\n
\u201cIt\u2019s almost impossible to pay a top executive well enough,\u201d Rupert said in an interview with the Rand Daily Mail in 2015.<\/p>\n
\u201cTake [Shoprite CEO] Whitey Basson: how can anyone tell me that Whitey is paid too much, considering the wealth he\u2019s created for shareholders?\u201d<\/p>\n
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