Today's Labour News

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earningsBusiness Report writes that Shoprite Holdings chief executive Pieter Engelbrecht received a total remuneration of R31.26-million for 2017, including bonuses, according the retailer’s annual report.  

Engelbrecht’s annual salary in his first year as chief executive was R9.71m.  Former CE Whitey Basson, who stepped down as CE last year, earned about R100m in 2016.  The retailer has a 31.9% market share and employs 143,802 people.  Shoprite said in the report that it took certain issues into consideration when designing the executives’ pay.  “We are experiencing a technical recession in an unsettled economy with a weakening currency and downgrades by international rating agencies.  Consumer spending has noticeably decreased to the detriment of all businesses.  However, Shoprite has outperformed the retail industry in terms of growth and shareholder return.  One of our key measures of success is trading profit which increased by 11.6%.”

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