Woolworths defends executives’ pay as remuneration votes fail
CEO’s R122m total pay based on companies of comparable size, shareholders told
23 November 2023 - 05:00
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”. ..
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.