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BusinessLive reports that despite short-term insurer Santam reporting a much stronger performance than the previous year, CEO Lize Lambrechts saw her total remuneration halve in 2018 as a result of the nonpayment of a cash bonuses.
In 2018, Santam’s headline earnings shot up 47%, but the absence of cash bonuses in that year saw Lambrechts take a 50% cut in total remuneration to R16.6m from the previous year’s R33m, according to the group’s recently released remuneration report. Lambrechts’ total remuneration of R16.6m for 2018 included a guaranteed package of R5.5m, a bonus of R6.9m and long-term incentives of R4.2m. In 2017, Lambrechts’ remuneration package was boosted by the payment of R19m made in terms of the group’s Outperformance Plan (OPP). A note in the report indicated that Lambrechts did not participate in the group’s OPP in 2018, but the report did not explain why she was no longer participating. Company secretary Masood Allie indicated that a new OPP for Ms Lambrechts might be put in place in future. The OPP bonus payment for 2017 meant Lambrechts was the highest-paid SA executive among listed insurance companies and provoked criticism from shareholder activist Theo Botha.
- Read the full original of Ann Crotty’s report on the above story at BusinessLive
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