Shoprite defends Basson's earnings

FILE: Whitey Basson, CEO of the Shoprite Group. Photo: eNCA

JOHANNESBURG – Retailer Shoprite says there is nothing untoward about Whitey's Basson's earnings.

The man at the helm of the retail giant took home a little more than R100-million in the year to June 2016.

Basson received R49,7m in basic pay and was awarded a one-off discretionary cash bonus of R50m.

Shoprite's remuneration committee said it considered the fact that Basson had not claimed any increases in three years.

He'd also not received any short-term incentive payments or benefits from long-term incentive plans in the past five years.

The committee says it also factored in Basson’s 45 years' service to the company, and the group's results under very challenging economic circumstances.

eNCA

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