Naspers paid its CEO, Bob van Dijk, more than R28 million in the past financial year.
Almost R13 million of that was made up of annual cash bonuses and performance-related payments.
The tech giant granted Van Dijk 147 906 Naspers N shares (valued at R134 million) as part of a long-term incentive (LTI).
Naspers Chairperson Koos Bekker earned R6.7 million as a non-executive director.
Revenues for the year totalled more than R192 billion.
Naspers is the largest company in Africa with a market value of R1.25 trillion.
The Money Show’s Bruce Whitfield interviewed Allan Gray Portfolio Manager Simon Raubenheimer.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
This is the third year in succession [that Allan Gray has objected to Naspers’ executive pay].— Simon Raubenheimer, Allan Gray
The problem has become more acute.— Simon Raubenheimer, Allan Gray
The only reason the Naspers share has gone up is because Tencent has gone up.— Simon Raubenheimer, Allan Gray
Naspers is driven exclusively by its stake in Tencent.— Simon Raubenheimer, Allan Gray
Is this a position he has inherited from Koos Bekker, the previous CEO?— Simon Raubenheimer, Allan Gray
90% of the remuneration is determined by how well Tencent is doing.— Simon Raubenheimer, Allan Gray
His long-term incentives have no performance conditions.— Simon Raubenheimer, Allan Gray
Close to 75% of shareholders abstained or voted against the remuneration.— Simon Raubenheimer, Allan Gray
You can count on one hand the number of entrepreneurs, globally, who did what Koos Bekker has done.— Simon Raubenheimer, Allan Gray
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