Today's Labour News

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pnp thumb100 Financial Mail writes that without a significant and sustained hike in the Pick n Pay share price in the next few days, group CEO Richard Brasher can wave goodbye to 1-million of his share options.  

The five-year term of the options, which were granted to Brasher when he was appointed CEO in 2012, were extended for 12 months when they failed to meet the vesting condition in November 2017.  In his 2018 report, remuneration committee chair Hugh Herman noted that Brasher has successfully implemented the strategic action needed to "reset the long-term earnings trajectory of the group".  But the prevailing political and economic climate hit sentiment in the local equities market, Herman pointed out.  Moreover, the share price has been hit by the impact of the R200m cost of the voluntary severance programme in the first half of 2018.  With just days to go it is said to be difficult to see what would bump the price up to the levels needed for the options to vest.  Fortunately for Brasher, the 1-million share options are only part of his share rewards.  He has another 1-million options with no conditions attached.  In addition, the performance conditions attached to the generous forfeitable share awards have been comfortably attained.  And though there was no short-term bonus paid for 2018, the remuneration committee used its discretion to make a few generous cash awards.


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