EXECUTIVE REMUNERATION
Big bucks on the Net1 board
Net1 nonexecutive directors get surprisingly generous pay packages, but their independence is in question
Net1’s newly appointed chairman Chris Seabrooke was paid US$300,000 for his role as a nonexecutive director in the 2016 financial year. That’s just under R4m and is equivalent to the sort of fees paid to the nonexecutive chairman of a large JSE-listed company or one of the large banks. It is extremely generous for a company with a market capitalisation of just under R10bn. But it looks modest in comparison to the $3.6m (R47m) paid to Serge Belamant, who was the group’s CEO and chairman until last week. The sum included an amount of $21,546 for security guards for the CEO. Belamant’s 2016 pay was increased from $3.3m in 2015 and $2.8m in 2014. Net1’s most recent proxy statement reveals Belamant, who remains CEO, owns 3.5% of the company. Investment manager Allan Gray, which holds 16% of the company, appears to be concerned about Belamant’s steep pay packages. In 2015 it abstained from voting on Net1’s remuneration policy and last year voted against it. Closer inspection of the super ...
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