Today's Labour News

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DiscoveryBusiness Report writes that Discovery's senior managers are set for a major windfall after the group’s remuneration committee (Remco) approved R336.6 million bonus payments for the directors and management incentives.  

The details were laid out in the company’s annual report released on Wednesday.  The annual bonus pool payment for the 2018 financial years rose by 33% from the prior year’s pool.  A total of seven directors will share R15.8m, while a pool of 1,134 managers will share a R265m bounty and 203 people will share a R85.1m profit pool.  Remco chairperson, Sonja de Bruyn Sebotsa, said the surge in bonus payments was due to targets having been exceeded.  She explained:  “This increase is due to the profit pool paying out at 98 percent of target in the financial year 2018, versus only 69 percent target in the financial year 2017 due to performance conditions.”  The annual report also revealed that the company’s CE, Adrian Gore, took home R19.8m in the year, including a performance bonus of R7.7m.  Gore’s second-in-command, the group’s financial director, was paid R10m.  Discovery Life chief executive Hayton Kallner emerged as the highest paid executive in the group, taking home R29.2m, mainly due to a R17.6m long-term incentive payment he received.  The head of Discovery Invest, Kenny Rabson, was paid R13.7m, while the chief executive of Discovery Health Jonathan Broomberg was paid R12.1m.

  • Read the full original of this report by Kabelo Khumalo at Business Report

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