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Business Report writes that Dis-Chem Pharmacies has paid its chief executive Ivan Saltzman a total remuneration package of R12.84-million for the year to end-February – a decline of 21.87% compared with the R16.43m in 2018.
However, excluding bonuses, retirement and other benefits, Saltzman’s salary increased by 0.73% to R12.48m compared with last year's salary package of R12.39m. In the 2018 financial year, Saltzman was paid a bonus of R3.74m, but there was no bonus paid in the 2019 financial year. All of the group's executive directors missed out on bonuses for financial year 2019. The total remuneration paid to all executive directors also declined by 19.66% to R34.03m, down from last year’s R42.36m. However, the total remuneration of non-executive directors increased by 24.49% in 2019 to R4.88m, compared to R3.92m the previous year. “In the current financial year, the directors were not awarded a bonus as return on capital employed and profit after tax targets were not met,” the group said in the annual report. Analysts said Dis-Chem reported respectable results, although earnings fell slightly short of expectations. The national strike by its employees last year came at a cost of R50m to the group’s earnings.
- Read the full original of Sandile Mchunu’s report on the above story at Business Report
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