Thabo Dloti had earned an executive package of R19.3 million from Liberty Holdings during the 2016 financial year. The former Liberty CEO had earned R24.2 million in 2015 making him one of the highest earners in corporate South Africa.
Liberty’s financial director Casper Troskie did not do bad either. He got a package of R11.9 million from R14.2 million in 2015.
Dloti left his cushy Liberty post in May 2017 after the board chairperson, Jacko Maree, said there were disagreements over corporate strategy, priorities and speed of execution. He must have come out with a sizeable package which will be disclosed in the 2017 annual report.
Liberty, one of South Africa’s largest financial services groups, an life assurance specialist, has come under pressure in recent years due to challenging trading environment. Earnings were down 38% in 2016.
|Liberty 2016 Exec Remuneration (Rands in Million)|
|Total Exec Dir||10,1||5,0||16,0||31,1||38,4||-20,2|
The 2016 chairman’s review was telling. Maree said “Liberty’s 2016 financial results were disappointing. The reasons are well covered in the group chief executive’s review. Whilst external conditions were difficult, we could have reacted sooner to market trends and developments, and better managed certain operational issues which were within our direct control. However, we should not overlook the many positive initiatives which were either implemented or set in motion across the group during 2016.”
In his 2016 CEO review Dloti said “The 2016 financial year was a challenging year for Liberty. Despite the disappointing earnings results, our Group Equity Value was preserved and the capital position of the group has remained strong. In response to the tough economic environment, we have taken decisive actions to ensure that we are better placed to meet our customers’ and shareholders’ long-term expectations going forward.”
Liberty’s non-executive directors also rank as one of the best paid in the country. The chairperson of the board, Maree, took R2.6 million in fees setting a high bar for other directors like Angus Band (1,7 million), Tony Cunningham (R2,2 million), Mike Ilsle R1.7 million, Peter Moyo (R1.4 million), Monhla Hlahla (R649 000), Yunus Suleman (893 million) and Jim Sutcliffe (R2.7 million).
|Liberty 2016 Non Exec Remuneration (Dollars $ in Million)|
|Total Non Exec Dir|