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Shoprite CEO's pay up by 4.5% to top R21.27m | IOL Business Report

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Shoprite Holdings chief executive Pieter Engelbrecht’s total remuneration was R21.27m in 2019, up by 4.5percent compared with last year's R20.36m. busrep

DURBAN - Shoprite Holdings chief executive Pieter Engelbrecht’s total remuneration was R21.27million in 2019, up by 4.5percent compared with last year's R20.36m, according to the retailer's annual report released on Friday. The report strove to be more transparent following shareholders’ discontent over pay policies last year. The total remuneration figure includes a short-term incentive of R4.44m, R214000 in benefits and other benefits of R491000.

Engelbrecht’s annual salary increase to R16.13m rose by 7.5percent compared with the R15.01m he earned in 2018. Shoprite’s chief financial officer, Anton de Bruyn, received total remuneration of R6.74m, up by 31percent compared with R5.15m he received in 2018. His annual salary of R3.12m was up by 27.7percent compared with last year's salary of R2.45m.

The remuneration package of the group's divisional manager, Ram Harisunker, declined by 3.9percent to R5.72m, compared with R5.96m last year. The biggest reason for the decline was a 13.2percent decline in his short-term incentives, which fell to R1.4m in 2019 compared with R1.62m in 2018.

 

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