A report by PwC Southern Africa for the period 1 May 2013 to 30 April 2013 found that total remuneration levels for executive directors on the Johannesburg Stock Exchange (JSE) continue to increase.
Fin24 quoted Gerald Seegers, director for human resources services at PwC Southern Africa, as saying: “Our report confirms that in many cases there has been some level of restraint on executive pay recently, but probably not at the pace or level that we expected. South African executives must lead the way, and there is a genuine intent on the part of our business leaders to make a difference.”
According to the report, Richard Lepeu of Richemont, who took home a whopping R50-million, was the best paid executive in South Africa last year. Also from Richemont, Johann Rupert (R40-million), Gary Saage (R28-million), Frederick Mostert (R22-million) and Martha Wikstrom (R22-million) all cracked the list of the top 12 best paid executives in South Africa.
Whitey Basson, the chief executive of Shoprite, raked in the most (more than R40-million) for an executive of a company with a primary listing on the JSE.
According to Fin24, other top earners included Marius Kloppers of BHP Bililton (R31-million), Anglo American’s Cynthia Carrol (R24-million), Mark Cutifani of AngloGold Ashanti (R16-million), Steinhoff’s Marius Jooste (R15-million) and Jerome Smith of Cipla Medpro (R14-million).