Having just gone off medical aid because it’s too damn expensive, I can tell you that this story isn’t exactly a heart-warmer for me.

Discovery, the financial services group, has released their integrated annual report for 2018, which reveals what their top executives got paid.

At least they’re transparent about it. Still, these guys earn an obscene amount of cash.

Discovery’s Group Chief Executive Officer, Adrian Gore, scored a total package of R19,8 million, which included a R6,6 million basic salary, a bonus of R7,8 million, long-term incentives of R4,1 million, and other benefits of R1 million and R313 000, reports IOL.

Those figures explain how he made it onto the list of South Africa’s richest execs.

Group financial director, Deon Viljoen earned a R10.2 million total package, while CEO of Discovery Life Hylton Kallner was the highest-paid exec with a total package of R29.2 million.

Kallner’s huge payday was due to a R17.6 million LTI payout, which was as a result of the vesting of a three-year LTI scheme.

CEO of Discovery Health, Jonathan Broomberg, took home a package of R12.1 million, while CEO of Discovery Invest, Kenny Rabson, was paid R13.7 million.

Overall, Discovery paid R138.6 million to its executives in South Africa, R84 million to its executives in the UK (GBP4,532,404), and R14 million to its director in the US (USD983,762).

Non-executive directors were paid a total of R17.4 million for the year, equating to an average of R1.6 million per person. Finance minister Tito Mboweni, who was appointed to the Discovery board in 2013, earned R1.3 million.

It must be nice to earn lottery-winning-like salaries for the year.

Oh well.

[source:iol&businesstech]