Today's Labour News

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NaspersBusinessLive reports that Naspers CEO Bob van Dijk has sold shares in the Cape Town-based group for close to R1bn.  The shares were awarded by the company through its share incentive scheme.  

On Wednesday, the JSE-listed company said Van Dijk had exercised stock appreciation rights (SARs) in the Naspers Global Ecommerce Share Appreciation Rights plan, receiving 414,932 Naspers N ordinary shares in settlement of the gain.  He recently sold that stock for R2,400 per share for R995.8m.  Van Dijk will reinvest most of the funds back into the Naspers group in the form of bonds that he will buy on the open market.  Naspers’ remuneration policy has been criticised in the past for being opaque and unjustified.  The group recently introduced a shareholding requirement for the CEO, whereby he must hold 10 times his base salary in Naspers shares at all times.  Naspers said Van Dijk continued to exceed that requirement.  In addition, Van Dijk could be paid as much as R234.65m in total remuneration for the 2020 financial year if the company’s fortunes continue to improve.

  • Read the full original of the report in the above regard by Mudiwa Gavaza at BusinessLive

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