Despite short-term insurer Santam reporting a much stronger performance than the previous year, CEO Lize Lambrechts saw her total remuneration halve in financial 2018 as a result of the nonpayment of cash bonuses. In 2018 Santam’s headline earnings shot up 47% to R20.99 a share. But the absence of cash bonuses in that year saw Lambrechts take a 50% cut in total remuneration to R16.6m from the previous year’s R33m, according to the group’s recently released remuneration report. Lambrechts’ total remuneration of R16.6m for 2018 included a guaranteed package of R5.5m, a bonus of R6.9m and long-term incentives of R4.2m. In 2017, Lambrechts’ remuneration package was boosted by the payment of a R19m made in terms of the group’s Outperformance Plan (OPP), one of Santam’s five long-term incentive plans. The plan is designed to reward “superior performance over a three-to five-year measurement period”, according to the remuneration report. Lambrechts’ OPP payment was for the three years from...

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