JOHANNESBURG - JSE giant Naspers chief executive Bob van Dijk took home close to R2billion in incentives, salary, shares appreciation rights and vested share options in the year to March, in a year he described as a “standout year for Naspers.”
Van Dijk, according to the multinational company’s annual report earned $12.8million (R177.93m) in total remuneration.
He also vested more than 290000 Naspers N shares with a release value of more than R950m. Van Dijk also had more than R750m worth of share-appreciation rights vested in the period.
Van Dijk in the annual reported lauded the performance of the company in the year under review.
“This year we achieved a landmark in our transformation - listing and unbundling our Video Entertainment business and completing our evolution into a global consumer internet company,” Van Dijk wrote to shareholders.
“This step unlocked considerable value for shareholders and allows the new MultiChoice Group to excel as Africa’s leading entertainment business.”
The group’s revenue for the year to March surged 29percent to $19.0bn; trading profit grew 22percent to $3.3bn and core headline earnings grew 26percent to $3bn.
Craig Enenstein, chairperson of the human resources and remuneration committee, said the group has amended the design of executive remuneration for the forthcoming 2020 financial year and that when making executive awards, the committee has considered the need to maximise shareholder value.
“This year we introduced clawback provisions on the short-term and long-term incentives for the chief executive and his direct reports. In the 2019 financial year, these clawback provisions were not invoked,” Enenstein said.
“We also introduced a shareholding requirement for the chief executive, whereby he must hold 10 times his base salary in Naspers shares at all times. Effective March 31, 2019, he has met this requirement.”
Naspers said it would now list its international internet assets (Prosus) on the Euronext Amsterdam stock exchange in September after the initial plan to list it this month fell through.
Naspers said it would own at least 73percent of Prosus, with the balance free float expected to be created by Naspers through a capitalisation issue of Prosus shares to Naspers shareholders.