BL Premium reports that financial services group Discovery has hiked its minimum pay to R200,000 per year with effect from October. This was disclosed in the company’s 2024 annual report published on Wednesday.
The remuneration committee said this was to ensure “fair and responsible” pay, while addressing pay gaps. It added that it was continuing to review the vertical pay gap between its top 5% highest paid employees and the bottom 5%. The minimum pay policy applies to all Discovery’s employees, except those on commission-based pay structures whose on-target commissions are equal to, or exceed, the R200,000 per annum. Group CEO Adrian Gore also advised that the group was making strides in improving diversity at a management level. “Diversity levels improved with 45% and 39% of our senior managers being female and black, respectively. We have a 0% gender pay gap for roles of the same size and over the period we increased our minimum pay to R200,000 per annum, more than three times the prescribed minimum pay in SA,” Gore reported. He was paid R31.6m, inclusive of incentives, in the 2024 financial year, up from R27.9m in the prior year. The group’s CFO Deon Viljoen was paid R25.9m, while Barry Swartzberg, the former CEO of Vitality Global, earned R22.5m. One of the group’s best paid executives was the CEO of its bank, Hylton Kallner who was rewarded with R57.6m, coming second only to Vitality UK CEO Neville Koopowitz, who earned £2.8m (R64m).
- Read the full original of the report in the above regard by Kabelo Khumalo at BusinessLive (subscriber access only)
- Read too, Discovery Bank CEO rakes in almost double Adrian Gore's pay in 2024, at Fin24 (subscription or trial registration required)
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