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TechCentral reports that Bob van Dijk, CEO of the Naspers Group, received almost R1.9 billion in salary, incentives, and vested share options and shares appreciation rights in the year to March 2019, a regulatory filing published on Friday showed.
He received the equivalent of about R180 million in base pay, pension and incentives in the 2019 financial year. In addition, more than 290,000 Naspers N share options became vested to Van Dijk with a release value of R955.4 million. About R781.1 million worth of share-appreciation rights (SARs) also vested, for a total of more than R1.7 billion. But, that’s not money in the bank until he exercises those options and SARs. However, during the year, he realised a gross gain from exercising Naspers N share options of R26 million and a further R207.5 million from the Flipkart share appreciation plan. Van Dijk’s base salary amounted to $1.26 million, down from $1.33 million, though the decline was the result in the depreciation of the US dollar relative to the euro (he is paid in euros and received a 10% salary increase). Naspers made several changes to its remuneration policy in 2019, including a minimum shareholding requirement for the CEO of 10 times annual salary, which Van Dijk met in both the 2018 and 2019 financial years. It also improved disclosure, with a clearer link between strategy, performance, remuneration design and remuneration outcomes. For short-term incentives, this includes more information on performance goals and level of achievements.
- Read the full original of Duncan McLeod’s in the above regard at Moneyweb
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