Naspers CEO Bob van Dijk earned $16.7 million (R247.2 million) in the last financial year.
This was revealed in the company’s integrated annual report for the year ended 31 March 2021.
The report showed that Van Dijk earned a basic salary of $1.4 million (R21.5 million rand), with short-term incentives of $1.4 million (R21.1 million).
These incentives are based on the overall performance of Naspers, which made a profit of R83.086 billion in the financial year.
The majority of Van Dijk’s remuneration comes from long-term incentives, which totalled $13.6 million (R202.5 million) for the year.
Van Dijk’s long term incentives for the past year added to his total value of unvested rewards, which stood at over a billion rand on 31 March 2021.
He can exercise these incentives between July 2020 and September 2024.
Many Naspers shareholders have been displeased with the company’s executive remuneration structures and believe it should not remunerate executives in proportion to the share price increase.
The following table summarises Van Dijk’s remuneration package for the 2021 financial year.
| Naspers CEO Bob van Dijk FY21 Earnings | |
|---|---|
| Remuneration | Amount |
| Fixed Remuneration | R21,483,831 |
| Short Term Incentives | R21,127,746 |
| Long term Incentives: | |
| Performance Share Units (PSUs) | R120,178,890 |
| Share Appreciation Rights (SARs) | R67,285,342 |
| Share Options (SOs) | R15,014,943 |
| Pension | R1,409,506 |
| Medical insurance, life and disability insurance | R697,334 |
| Total Remuneration | R247,197,591 |
| Proportion of fixed and variable remuneration | 9% fixed / 91% variable |
| Figures are converted from US dollar using the Reserve Bank exchange rate on 31 March 2021 of R14.8369 per dollar. All the figures provided are the combined Naspers and Prosus remunerations. | |
According to the report, neither Bob van Dijk nor Naspers CFO Basil Sgourdous saw increases to their fixed salaries from the previous year.
Sgourdos earned $10.5 million (R155.5 million) in the 2020/2021 financial year.
His fixed salary and short terms incentives were $1.1 million (R16.958 million) each.
The CFO also receives handsome long-term incentives, amounting to $8.1 million (R119.986 million).
The table below provides an overview of Naspers CFO Basil Sgourdos’ earnings for 2021.
| Naspers CFO Basil Sgourdous FY21 Earnings | |
|---|---|
| Remuneration | Amount |
| Fixed Remuneration | R16,958,577 |
| Short Term Incentives | R16,958,577 |
| Long term Incentives: | |
| Performance Share Units (PSUs) | R71,217,120 |
| Share Appreciation Rights (SARs) | R39,866,750 |
| Share Options (SOs) | R8,902,140 |
| Pension | R1,335,321 |
| Medical insurance, life and disability insurance | R281,901 |
| Total Remuneration | R155,502,386 |
| Proportion of fixed and variable remuneration | 11% fixed / 89% variable |
| Figures are converted from US dollar using the Reserve Bank exchange rate on 31 March 2021 of R14.8369 per dollar. All the figures provided are the combined Naspers and Prosus remunerations. | |