Fidelity bank card banner Emerald Energy Institute Camano banner

Shoprite CEO pockets N1.15 billion bonus, takes home N2.3bn

By News Express on 04/10/2016

Gmail icon

Views: 2,116

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...
African youths to honour Akpabio, Wike in Germany...

APC demands Governor Wike’s arrest over assassination attempt...

Intelligence- led policing, the ultimate for Nigeria, says...

Yenagoa murder: Dickson brokers peace, orders reopening of...

Lagos market still under lock one week after...

Dogara breaks jinx, shows might in Bauchi

Zakzaky’s lawyers withdraw appearance before Commission of Inquiry,...

NSCDC arrests 12 suspected kidnappers in Sokoto

Insurgency war: Our weapons are superior to those...

3 ex-policemen appear in court over alleged manslaughter...

Unidentified gunmen kill Gov. Bello’s aide in Okene...

Kwara Govt. to vacate Unilorin mini campus in...


Latest News Wadume: Military, Police disagreement stalls trial of kidnap kingpin, other suspects Unknown gunmen kill traditional ruler Igbos storm United Nations over alleged marginalisation by Buhari administration Minimum wage talks deadlocked again as FG, Labour fail to reach agreement NFIU clears the air on letter seeking bank account details of senators, judicial officers Over 100 LGAs ravaged by flood in 33 states Sacked Lecturer: PUNCH Correspondent arrested over petition Xenophobia: Apologies from South Africa not enough, says HURIWA Islamic State Leader issues fresh battle cry Abuja not under any form of siege — IGP Boko Haram: Borno Governor demands more protection for Maiduguri •Details of how terror group shook UNIMAID 3 nabbed for vandalising public utilities in Enugu


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (540,744 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (443,061 views) Shameless Genevieve Nnaji exposes breasts in public (389,359 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (326,688 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (294,665 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,637 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (249,750 views) 10 cars more expensive than Jets (238,371 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,471 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,482 views) Lagos plane crash: Journalist releases victims’ names (195,838 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,438 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,444) Business Verdict (80) Columnists (1,109) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (664) Features (812) Global Business Monitor (442) ICT Monitor (63) International (3,955) Interview (203) Live Commentary (30) Love Matters (170) Maggie's Blog (414) News (51,389) Opinion (1,359) Pidgin (17) Politics (11,447) Religion (1,102) Sports (2,167) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera