It pays to be the CEO of the Mr Price Group with CEO Mark Blair walking away with a R32.931 million bonus from the previous year to 2 April 2022.
According to Moneyweb, the bonus forms part of the group’s forfeitable share plan and is said to have pushed up his total remuneration for the 2022 financial year to R56.5 million.
The 201% increase has been defended by the group’s remuneration and nominations committee which has stated that the “CEO’s total reward (fixed and variable elements) was benchmarked in August 2020 against a comparator group of JSE-listed companies of similar size and industry.”
According to the group, this is how much it takes to be the CEO with the amount being in the 25th and 50th percentile of the market.
“Variable pay is a product of fixed pay which will have an overall impact on the CEO’s total reward.” it continued.
The remuneration report further states that when compared with CEOs within the same “peer group” i.e. retail giants such as Shoprite Holdings, The Foschini Group and Pepkor, Blair earns below the 25th percentile of the comparator group.
“However, on a total reward basis, the CEO is positioned between the 50th and 75th percentile of the comparator group, while the CFO is positioned above the 75th percentile of the comparator group.”
The COVID-19 pandemic has had a negative impact on numerous retailers throughout South Africa, but the Mr Price Group appears to have faired better than other retailers.
For the year to April 2022, the clothing retailer grew by a hefty 25.9% with total retail sales expanding to 15.5, as per Business Day.
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Picture: Mr Price Group