Moneyweb reports that the Mr Price Group granted CEO Mark Blair a R32.931-million bonus in the year to 2 April 2022, in the form of an allocation in its group forfeitable share plan.

This took his total remuneration for the 2022 financial year to R56.5-million, an increase of 201% on the R18.8-million package in 2021. The bonus equates to his total packages for 2021 and 2020, combined. The group’s remuneration and nominations committee defended the so-called “Special share award to the CEO”, saying that the “CEO’s total reward (fixed and variable elements) was benchmarked in August 2020 against a comparator group of JSE-listed companies of similar size and industry”. It added: “The CEO’s guaranteed remuneration was between the 25th and 50th percentile of the market.” The committee further argued that: “The CEO has been in his position for three years and has an excellent track record, with the team under his leadership delivering good results under trying trading conditions that included Covid-19, lockdowns and civil unrest. Hence the expectation is that the CEO be paid in line with the market/comparator group on a total reward basis.” To remedy this, it decided to grant Blair a tranche of restricted shares that vest over a five-year period, instead of increasing his base pay. The shares will be forfeitable in increments if Blair’s employment should be terminated prior to the five-year period. CFO Mark Stirton received total remuneration of R12.593-million in 2022 (from R10 million in 2021).

• Read the full original of the report in the above regard at Moneyweb

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