Ann Crotty Writer-at-large

Pick n Pay CEO Richard Brasher may not have done enough to get the company’s share price over the R68 hurdle needed by November 2017, but he has overseen one of the strongest share price performances in the food retail sector over the past five years. Pick n Pay’s share price of R74.15 is 49% ahead of the R37 it was trading at in August 2013, just months after Brasher took the helm. Only Spar, which enjoyed a 65.5% surge in its share price over the five years, did better. Shoprite is currently 28% ahead of its August 2013 level and the sector outlier, Woolworths, is down 21%. So it was with some justification that Hugh Herman, chairman of the group’s remuneration committee, told shareholders at the annual general meeting this week that the 12-month extension to the November 2017 deadline was appropriate.

"We think it’s a fair balance between the interests of the executives and the shareholders," said Herman, referring to the "good shake" that shareholders have enjoyed. The fiv...

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