Dis-Chem chief executive Ivan Saltzman’s total remuneration increased 3.04percent to R13.23million for the year to the end of February from R12.84m last year.

The group said in its annual report published yesterday that the hike was below the R16.43m Saltzman earned in 2018.

It said the package consisted of salary and allowances of R12.88m, which was up 3.21percent compared with the prior year, R72000 in retirement and related benefits, as well as R271000 as other benefits.

Dis-Chem said co-founder and managing director Lynette Saltzman’s package was R10.74m – with a 3.21percent salary increase to R10.56m, R111000 benefits and retirement and related benefits of R71000.

It said chief financial officer Rui Morais received R5.94m, consisting of an annual salary of R5.53m, R72000 in retirement and related benefits as well as R339000 as other benefits.

Group executive director Saul Saltzman earned a total package of R5.51m during the year, which consisted of an annual salary of R5.02m, R72000 in retirement and related benefits and R414000 as other benefits.

Dis-Chem paid a total of R55.92m to its executive directors from R34.03m in 2019, as a result of adding four prescribed officers to its executive directors’ list during the year.

The group did not pay bonuses after it reported a 12percent increase in revenue to R24 billion, while retail revenue grew 11percent to R21.8bn and there was a 9.3percent decline in operating profit to R1.25bn.

Non-executive directors’ fees increased 6.65percent from last year’s R4.88m.

The group’s chairperson, Laurence Nestadt, earned the same as in 2019. However, the group has proposed that his fee be increased by 10.73percent to R3.17m for the 2021 financial year.
The group has four other non-executive directors. Mark Bowman, an independent non-executive director, earned a fee of R566000 during the year, while Joe Mthimunye earned a fee of R666000.

Mahomed Gani and Dr Anuschka Coovadia of R451000 and R362000 in fees respectively during the year.

Business Report

Source: www.iol.co.za