MultiChoice Group executive chairman Imtiaz Patel received almost R21.4 million in base salary, bonuses, pension and short-term incentives in the 2019 financial year, the media group’s 2019 annual report shows.
Patel was paid $648 000 in base salary.
CEO Calvo Mawela received R10.6 million, of which R5.6 million was in base salary, while chief financial officer Tim Jacobs received R8.4 million (including a sign-on bonus of R3.8 million).
Chief operating officer Brand de Villiers was paid a base salary of $517 000, while his total remuneration came to just over $1 million.
Patel made a profit of R14.6 million on Naspers share options. Mawela realised a profit of R2.5 million from this scheme, while De Villiers netted R4.9 million.
While MultiChoice was part of Naspers, prior to its listing earlier this year, senior employees participated in the Naspers share option schemes. Following the unbundling, the vesting dates for the Naspers option awards were accelerated.
Patel also entered into a restraint-of-trade agreement with MultiChoice, which applies for three years if he were to step down as executive chairman.
Non-executive directors Nolo Letele and Don Eriksson were also well remunerated for their work, taking home R11.5 million and R8.3 million respectively.
The annual report disclosed the number of shares directors held in the company at the end of March, too. By far the biggest shareholder was non-executive director Steve Pacak, who held 668 183 shares (directly and indirectly). These shares were worth R89.7 million at the time of writing. — (c) 2019 NewsCentral Media
This article was published with the permission of TechCentral. The original publication can be viewed here.