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Fin24 reports that in her last full year as Santam CEO, Lizé Lambrechts bagged R17.5 million in total pay, bonus and incentives.
This was R6.68 million more than in 2020, the year in which Santam suspended dividends and was in and out of courts seeking clarity on whether it should pay lockdown-related business interruption claims. However, Lambrechts' total remuneration in 2021 was lower than in the two years preceding the pandemic. In 2019, she earned R19.17 million, slightly more than the R18.5 million she got in 2018. Of the R17.5 million total pay the outgoing CEO earned in 2021, more than half was a performance bonus after Santam grew its headline earnings per share by 175% compared to 2020. Lambrechts' guaranteed salary package from the company was R6.17 million. The rest of her pay was in the form of long-term incentives. Lambrechts and Santam CFO Hennie Nel did not get performance bonuses in 2020. Meanwhile, Lambrechts finally handed over the reins to Zimbabwean actuary Tavaziva Madzinga, who became the CEO of Santam on Friday. She will, however, stay on at the group until the end of June to help with the transition.
- Read the full original of the report in the above regard by Londiwe Buthelezi at Fin24
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