News Express banner Camano banner
Shoprite CEO pockets N1.15 billion bonus, takes home N2.3bn

By News Express on 04/10/2016

Views: 2,000

Shoprite’s top man, Whitey Basson, took home a little more than R100m in the year to June 30 2016 – an amount double his earnings in 2015 – after delivering what the group called excellent results during the period, a report today in South Africa’s Business Day said.

In the naira, the currency of Nigeria, where Shoprite has in the past few years experience breath-taking expansion, this amounts to a whopping N1.15 billion bonus and a take-home of N2.3bn as a rand exchanges for about N23 naira.
The group’s annual integrated financial report showed that Basson took home R49.7m in basic pay, and was awarded a one-off discretionary cash bonus adding another R50m, Business Day said.
The paper said that in its rationale, the remuneration committee said it took into consideration the fact that Basson had not claimed any increases in three years. He had not received any short-term incentive payments nor had he received benefits from any long-term incentive plans in the past five years, the committee said, according to the report.
It added that the committee had also factored in Basson’s length of service to the company of about 45 years and the results the group had achieved in the 2016 financial year “during very challenging economic circumstances.”
In the report, the committee tackled questions from shareholders who sought clarity about the reason for Basson’s total guaranteed pay being higher than market levels in SA, the report said. It further quoted the committee as saying that as a major multinational retailer, the Shoprite CEO’s pay was geared to be internationally competitive and that Basson’s shareholding in the company “aligns his interests with those of the shareholders over a long-term horizon.”
“It is common market knowledge that both locally and internationally, the group has outperformed its peer companies over the past 10 years in terms of growth and shareholder return. This strong growth was the foundation for the group’s expansion into Africa, with Shoprite being the largest retailer on the African continent for a number of years. Such growth is spearheaded by strong leadership,” the committee said.
Business Day referred to the report of professional services firm PwC that the average increase in total guaranteed package for executive directors of JSE-listed companies in 2015 was between 3% and 12%. It noted that CEOs in the largest companies got an average guaranteed package of R7.7m.
•Photo shows Shoprite CEO Whitey Basson.


Source News Express

Posted 04/10/2016 12:45:45 PM





You may also like...
APC a dying party swimming in corruption —...

Anambra: South East Economic Summit endorses Obiano as...

NAPTIP cries out over mass recruitment of Nigerians...

Governor Abubakar embarks on aggressive rural development programme,...

5,000 Eckankar faithful converge in Uyo

HAPPENING NOW: INEC confirms Dickson re-elected as Bayelsa...

Man petitions IG over abduction of daughter, forceful...

FG moves to create conducive learning environment in...

UBA outperforms other banking stocks, positioned for sustainable...

Lagos sets up special court for water offences,...

Anambra guber: PDP clears 6 aspirants, disqualifies ‎one...

Amosun mourns Kuforiji-Olubi


Latest News Obama's ex-deputy, Joe Biden, joins 2020 US presidential race Breaking News: Five oil wells on fire in Ondo BREAKING: Buhari off to UK; to be away for over a week Presidency and Nigerian by birth Niger Delta: FG blacklists contractors NLNG commences 2019 cycle of Post-Primary, Undergraduate and Post-Graduate scholarships 2 monks sentenced to death over bishop’s murder Pant thieves nabbed during hot argument Bayelsa Assembly members get life pensions 169 million children miss out on measles vaccine in 8 years Premier League: Man City take control of title race with derby win, Wolves dent Arsenal’s Top 4 hopes Six pipeline vandals perish in oilfields fire disaster


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (471,476 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (415,388 views) Shameless Genevieve Nnaji exposes breasts in public (352,957 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (302,117 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (266,455 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (239,272 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (226,348 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (207,905 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (197,082 views) 10 cars more expensive than Jets (189,880 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (179,312 views) Lagos plane crash: Journalist releases victims’ names (178,836 views)


UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (88) Business & Economy (4,216) Business Verdict (65) Columnists (1,019) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (607) Features (746) Global Business Monitor (344) ICT Monitor (38) International (3,356) Interview (176) Live Commentary (29) Love Matters (156) Maggie's Blog (236) News (45,313) Opinion (1,228) Pidgin (17) Politics (10,644) Religion (985) Sports (1,970) Stock Watch (39) AMA & Al Jazeera Global Update






APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera