This news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.
BL Premium writes that Naspers executives are putting their money where their mouth is with pay for the 2023 financial year tied directly to the success of an ambitious attempt to close a value gap between the group’s market worth and its underlying assets.
Naspers remuneration policy has been criticised in the past for being opaque and unjustified. Shareholders and critics said that executives were largely benefiting from an appreciation in the Naspers share price, which has been driven mostly by its one-third stake in Chinese internet giant Tencent. In its remuneration report, published on Monday, the group announced a short-term incentive for closing the discount gap, scrapping long-term bonuses for the current year. Total remuneration for an executive director at Naspers takes into account the base salary, short-term incentives (STIs) and long-term incentives (LTIs). “We believe strongly that discount reduction is fundamental to maximising shareholder returns and desire to ensure the CEOs’ and CFO’s incentives are aligned with those of our shareholders. It is in this light that the committee decided not to award LTIs for FY23,” said Craig Enenstein, chair of Naspers’s HR and remuneration committee. Intended to bring executive pay more in line with closing the discount and shareholder interests, Naspers boss Bob van Dijk is set to receive a higher short-term bonus for the current financial year that will be capped at €3.2m. Last year, long-term bonuses accounted for 82% of his total compensation. Van Dijk can earn a maximum of €5.9m, while CFO Basil Sgourdos can go up to €4.1m. Van Dijk received €13.3m in the year to end-March.
- Read the full original of the report in the above regard by Mudiwa Gavaza at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page