Fees paid to non-executive directors at JSE-listed companies have moderately increased, auditing firm PriceWaterhouseCoopers (PwC) said on Thursday.<\/p>\n
“The median chairperson fee across the entire JSE has risen by 7.1 percent to R422,000,” PwC’s Southern Africa human resource services head Gerald Seegers told reporters in Johannesburg.<\/p>\n
PwC released the seventh edition of its Annual Review of Non-Executive Directors’ Practices and Fees. It examines the boards of 358 companies listed on the Johannesburg Stock Exchange, according to results released by November 30.<\/p>\n
“Overall, this premium is around 50 percent when compared to the overall fees of non-executive directors, where the median fee has only increased by 4.3 percent to R288,000 [from R276,000 in 2012].”<\/p>\n
This was considered low by global standards.<\/p>\n
The financial services sector, which represents a quarter of JSE listed companies, showed the most restraint, due to high levels of regulation.<\/p>\n
“Total fees paid to non-executive directors in this sector increased by 9.3 percent. This saw overall fees increase at the median level from R728,000 to R795,000,” Seegers said.<\/p>\n
The basic resources sector saw massive increases in compensation to non-executive directors and board chairpersons.<\/p>\n
The pay for chairpersons in the large-cap companies sector grew by 51.4 percent.<\/p>\n
“In the small-cap companies, non-executive directors saw an increase of 48.1 percent at the median level, which is almost double what they were in 2011,” Seegers said.<\/p>\n
The huge increases were attributed to companies compensating directors in foreign currency.<\/p>\n
In the industrial sector, which represents 29 percent of JSE-listed companies, there were marginal increases for board chairpersons.<\/p>\n
Non-executive directors in the medium-cap and small-cap companies saw overall fees increase at the median level from R889,000 to R901,000, almost double what they were in 2011.<\/p>\n
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