{"id":187213,"date":"2017-07-21T15:05:59","date_gmt":"2017-07-21T13:05:59","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=187213"},"modified":"2017-07-21T15:13:57","modified_gmt":"2017-07-21T13:13:57","slug":"naspers-ceo-scores-big-payday","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/187213\/naspers-ceo-scores-big-payday\/","title":{"rendered":"Naspers CEO scores big payday"},"content":{"rendered":"

Naspers has released its 2017 integrated annual report, detailing how much its executive directors took home over the past financial year.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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).<\/p>\n

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.<\/p>\n

“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.<\/p>\n

“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.”<\/p>\n

Naspers chairperson Koos Bekker, who was replaced as CEO by\u00a0van Dijk in 2014, took home $524,000 (R6,760,860) as a non-executive director.<\/p>\n

Executive pay<\/strong><\/p>\n

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Share awards<\/strong><\/p>\n

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Non-executive director pay<\/strong><\/p>\n

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The company recorded solid results for the year to March 2017, increasing revenue by 19% year on year to US$14.6 billion.<\/p>\n

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.<\/p>\n

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.<\/p>\n