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BL Premium reports that Capitec CEO Gerrie Fourie’s total remuneration for the 2024 financial year rose to R65m, cementing his place as one of the industry’s top paid bosses.
Fourie’s pay was largely made up of a long-term incentive (LTI) of R42m. The company said in its annual report published on Tuesday that the LTI figure took into consideration both the delivery on the underlying return on equity (ROE) and headline earnings per share performance measures. The company, which has grown its client base to a third of SA’s population, also said the LTI figure recognised the “significant growth in Capitec’s share price” from date of award up to the end of the 2024 financial year. Remuneration committee chair Vusi Mahlangu said the lender’s leadership team “successfully executed strategic priorities for the year and is to be commended”. He advised that that one of the first matters he had to attend to upon his appointment as chair of the committee was to review the group’s reward structure, to ensure that it represented a market-leading approach, which addressed the key challenges that Capitec faced with respect to the remuneration of key employees. He stated: “During this review, we carefully considered whether the use of full share instruments at an executive level would be appropriate, but ultimately decided that the committee was comfortable that the current instrument mix at this level has resulted in behaviour which is aligned with our culture and execution of strategy, and outcomes which were suitable in terms of our overarching commitment to ‘pay for performance’”.
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page