Dis-Chem Pharmacies has paid its chief executive Ivan Saltzman a total remuneration package of R12.84million for the year to end-February, declining by 21.87 percent compared with R16.43m in 2018, with the group stating profit targets were not met during the year.
However, excluding bonuses, retirement and other benefits, his salary increased by 0.73percent to R12.48m compared with last year's salary package of R12.39m.
In the 2018 financial year, Saltzman was paid a bonus of R3.74m, and there was no bonus paid in the financial year 2019.
All of the group's executive directors missed out on bonuses for financial year 2019 compared to 2018.
The total remuneration paid to all executive directors also declined by 19.66 percent to R34.03m, down from last year’s R42.36m. However, non-executive directors total remuneration increased by 24.49 percent in 2019 to R4.88m compared to R3.92m. Managing director Lynette Saltzman took home a total package of R10.43m in 2019, declining by 18.96percent compared with R12.87m last year.
The combined remuneration for executive and non-executive directors declined to R38.91m in 2019 compared with R46.28m in 2018, a decline of 15.92percent.
In the report, the group said its remuneration committee and nomination committee had responsibility for the determination of specific remuneration packages for each of the executive directors and the chairperson.
“In the current financial year, the directors were not awarded a bonus as return on capital employed and profit after tax targets were not met,” the group said in the annual report.
“The remuneration committee also considers the bonuses, which are discretionary and based upon general economic variables, the performance of the company and the individual’s performance and certain other employee benefits and schemes,” the group said.
The total package of the group’s chief financial officer, Rui Morais, declined to R5.43m in 2019 compared with R6.64m in 2018.
In the year results, Dis-Chem reported a 10percent increase in revenue to R21.4 billion for the year to end February, with headline earnings were up by 7.4percent to R735m and R1.1bn in free cash flow.
Analysts said Dis-Chem reported respectable results, although earnings fell slightly short of expectations due to one or two once-off events that negatively impacted the firm’s performance throughout the financial year.
The national strike by its employees last year came at a cost of R50m to the group’s earnings, and an extremely competitive product-pricing market placed pressure on Dis-Chem over the course of the year.
The non-executive directors’ fees increased in 2019 compared to 2018 with its chairperson, Laurence Nestadt taking home R2.83m in 2019, up by 7.6 percent compared to last year’s fees of R2.63m.
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