Naspers’s European-listed spin-off, Prosus, hiked the base salaries of executive directors, chief executive Bob van Dijk and chief financial officer Basil Sgourdos for the 2022 financial year after the group recorded strong results in the year to the end of March, despite the Covid-19 pandemic.
The group said in its annual report yesterday the executive directors had received a 5 percent increase in their base salary, effective from April 1.
It said Van Dijk’s total pay for the 2022 financial year increased to $16.838 million (R240m), including a $1.521m base salary. Sgourdos’ total pay for 2022 was $10.61m (R151m), including a $1.2m base salary.
The group said it took prudent executive remuneration decisions as a result of Covid-19, with executive directors not receiving a pay increase for 2021, while long-term incentive (LTI) awards were deferred to September 2020.
“We entered the pandemic with financial strength and good momentum, and competing in a sector that performed exceptionally well, we have exceeded our business plan and delivered financial performance ahead of the budget as originally set preCovid-19,” said the group.
Prosus ended the financial year on a strong footing, with group revenue, measured on an economic-interest basis, jumping to $28.8 billion, reflecting 33 percent growth compared to a year earlier. The group said Classifieds, Etail, and Payments and Fintech posted a strong performance.
The group said its businesses had recovered well from the initial impact of the pandemic and were now fundamentally stronger.
“This performance is reflected in our remuneration decisions for the 2022 financial year, where the chief executive and chief financial officer will receive a 5 percent increase on base pay and will be granted LTI awards at similar levels as last year,” said the group.
The group said it had taken a big step forward to being carbon-neutral by offsetting its emissions resulting from the use of solid fuels and fossil fuel-based energy.