Fin24 reports that as Old Mutual (OM) become one of the first companies in SA to reveal the gap between its highest and lowest paid employees, the annual reports of the country's listed life insurers showed eye-watering executive pay packages.
The OM figures showed that in 2022, the top 5% earned an average of R2.3 million in guaranteed pay, while the bottom 5% made R185,845 Accordingly, employees in the top 5% earned 12.4 times more than those in the bottom 5%. However, inclusive of total guaranteed package plus short- and long-term incentives (like bonuses) and dividends, the pay differential between the bottom 5% and the top 5% rose to 19.1 times. OM’s executives, meanwhile, received total pay of R116.9 million, a 37% increase year on year. CEO Iain Williamson's total remuneration grew by R6.8 million to R22 million. In 2022, Discovery CEO Adrian Gore saw his total pay increase by more than R10 million to R28.3 million. However, the average salaries of Discovery employees increased by only 5.5%, even as Gore’s base pay went up by 7.9%. Sanlam's 2022 remuneration report showed a decrease in total executive remuneration from R200 million in 2021 to R180.7 million. CEO Paul Hanratty's total remuneration of R6.1 million remained unchanged from 2021. In Momentum Metropolitan Holding's (MMH’s) case, the top three executives received a pay increase of 5%. Their long- and short-term incentives also fell significantly from 2021, leaving their total pay almost flat. Group CEO Hillie Meyer's total pay was almost unchanged at R10.7 million.
- Read the full original of the report in the above regard by Londiwe Buthelezi at Fin24 (subscriber access only)
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