Today's Labour News

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LibertyBusiness Report writes that long-term insurer Liberty slashed the total remuneration to its executives by 13% as tough trading conditions saw attributable earnings fall 10.6% to R2.3-billion in the financial year to the end of December.  

The company said on Friday that it decided to adjust the salaries after it reviewed its long-term strategy and operating model to focus on growing its core insurance business in SA.  The group, which is partly owned by Standard Bank, said it had struggled with investment returns due to weak equity markets in SA and abroad, in line with other life insurance companies during the period.  Total remuneration to directors - including retirement contributions, bonuses, performance reward plans and long-term share awards - fell to R205.91-million, compared with R239.39-million previously.  Chief executive David Munro took home R16.39m as executive director at Liberty Group and R18.43m from Standard Bank, to bring his total income to R34.82m during the period.  His fixed remuneration for 2017 was R8.52m, but his total figure for that year was R65.63m, and it included a deferred R20m cash bonus, 50% of which would be awarded for service to Liberty after three years, and the other 50% after five years.  Munro was appointed CE of the Liberty Group in February 2017.

Read the full original of Edward West’s report on this story at Independent News


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