Woolworths defends executives’ pay as remuneration votes fail
CEO’s R122m total pay based on companies of comparable size, shareholders told
Woolworths’ board has defended the R122m total pay of CEO Roy Bagattini, saying it is in line with industry standards for similarly sized JSE companies, adding its executive pay was “not too high”.
Speaking at the group’s AGM in Cape Town, non-executive director David Kneale, who chairs the remuneration and talent management committee, said salaries were benchmarked and “based on the JSE-listed retailers and other JSE-listed companies of a comparable size. We use similar Australian listed retailers, specifically, to determine Australian salaries”. ..
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