Adrian Gore, the founder and group chief executive of South Africa’s largest medical insurer, Discovery, along with his executive team were rewarded handsomely for a ‘robust’ set of results, while steering the group towards a new venture – namely commercial banking in 2018.<\/p>\n
Gore, who is among the wealthiest men in the country, with a fortune estimated at around R7 billion thanks to his shareholding in Discovery, took home a total salary of R17 million, including a basic salary of R6.2 million, and a performance bonus of R3.6 million. This figure was down from the R18.5 million the chief executive received in 2016.<\/p>\n
Gore, along with nine other executives pocketed a combined total of R197 million, which was also down from the R10 million total in the prior year.<\/p>\n
The company\u2019s chief financial officer, Richard Farber, was paid R13.19 million for the year, while Hylton Kallner, chief marketing officer for the Discovery Group, picked up a total pay of R17.18 million.<\/p>\n
Herschel Mayers and Neville Koopowitz are UK directors and were paid accordingly.<\/p>\n
In September<\/a>, Gore described Discovery\u2019s performance over the year as \u2018robust\u2019 with core new business annualised premium income up by 22% to R17.87 billion and normalised profit from operations growing by 12% to R7.19 billion in constant currency terms.<\/p>\n Highlights: Discovery will now look ahead to 2018 after it announced last month<\/a> that it has been granted its banking licence \u2013 a major step to the group launching its retail bank next year.<\/p>\n The company has a generous reward system with its retainer for the chairperson of the board at more than R3.8 million annually, along with board attendance fees at R28,755 per meeting.<\/p>\n
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