The issue of executive bonuses has been highlighted again by the enormous payouts being made at Richemont: three of its directors are in the top 20 of the biggest bonuses of 2015-16. Former Richemont joint CEOs Bernard Fornas and Richard Lepeu received R43.5-million and R34.9-million in bonuses respectively. They were followed by the company's financial officer, Gary Saage, who gotR33.7-million, and executive director Frederick Mostert, who received R14.2-million.This despite the fact that Richemont's share price shed about 16.3% on the JSE from December 1 2015 to November 30 2016. The company reported a 13% decrease in sales in the six months to September 2016. According to the interim results, the decrease was caused by a "weak demand for watches in general, as well as historically high comparatives and the impact of exceptional inventory buy-backs". However, the biggest individual bonus received in the 2015directors' remuneration list went to Hendrik du Toit, CEO of Investec Asse...
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