The executives of private education group, Curro Holdings, are coining it with the former CEO, Chris vab der Merwe, earning a hopping R19.1 million in 2016 up from R14.6 million in 2015. This package was made of R2.8 million of a basic salary of plus an annual performance bonus of R1.7 million and R14.6 million as gains on exercise of share options.
Van der Merwe, the founder of Curro has since vacated the CEO post to become a non executive director and was succeeded by Andries Greyling who has served as Chief Operating Officer. Greyling earned R14.8 million in 2016 from R10.8 in 2015. The Vhief Financial Officer, Bernardt van der Linde, earned R10 million from R7.8 million in 2015. These numbers do not seat well in a country like South Africa with high levels of poverty. They feed the growing inequality scales.
|Curro Holdings 2016 Exec Remuneration (Rands in Million)|
|B van der Linde||1.8||1.1||7.0||10.0||7.8||28|
|R van Rensburg||1.1||0.4||0.6||2.1||1.1||91|
|CR van der Merwe||2.8||1.7||14.6||19.1||13.6||41|
|Total Exec Dir||11.0||6.6||44.4||62.0||42.2||47|
Curro will justify these numbers with the high levels of growth experienced under this management. The operation has grown quickly to become the largest private education player in the country. It has 47 589 learners in 127 schools across South Africa and Namibia. At he end of 2016 Curro had 4 806 employees, of which 2 595 were educators.
Curro generated revenue of R1.7 billionin 2016 reflecting remarkable growth from the 2012 figure of R366 million rands. The Curro vision was backed by PSG, a renowned JSE listed investment holding firm. PSG currently controls about 56% of Curro shares.
The operation grows on the back of massive migration of learners from public schools to private schools. This trend is fed by a perception that public schooling standard have dropped.
Curro maintains a small board of five non executive directors and pays these directors not so big fees. The chairperson of the board Santie Botha R436 000 up from R395 000. The other four directors were rewarded in fees as follows: ZL Combie R249 000, PJ Mouton R202 000, SWF Muthwa R245 000 and B Petersen R236 000.
|Curro Holdings 2016 Non Exec Remuneration (Rand in Million)|
|Total Non Exec Dir|