CEO’s pay tops R14m as profit falls again
Murray & Roberts executives are well rewarded despite losses for shareholders, with CEO Henry Laas pocketing R14.7m
Murray & Roberts paid CEO Henry Laas R14.7m in the financial year to June, including R6.4m in bonuses, even as the construction group’s operating profit declined for the third year in a row, and executives failed fully to meet a number of targets to unlock short-term bonuses. The group’s annual report, released on Thursday, shows Laas received R5.9m in guaranteed pay, R6.4m in short-term incentives and R2.4m in long-term incentives. His pay was exceeded only by that of Peter Bennett, the group’s head of oil and gas who joined in February 2016. Bennett was paid R17.6m, of which the largest chunk – R7.3m – comprised compensation for incentives he gave up at his previous employer. He received a short-term bonus of R6.3m.
Nine current and former executives were paid a cumulative R14.3m in bonuses. The report showed the remuneration committee took five financial performance criteria – comprising 70% of the overall score — into consideration when weighing up ...
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