Shoprite defends Basson's earnings

WEB_PHOTO_WHITEY_180316.jpg

Stellenbosch, 18 March 2016 - Whitey Basson, CEO of the Shoprite Group, says while South Africas starring junk status in the face, it is unlikely to land there.

Stellenbosch, 18 March 2016 - Whitey Basson, CEO of the Shoprite Group, says while South Africas starring junk status in the face, it is unlikely to land there.

WEB_PHOTO_WHITEY_180316.jpg

Stellenbosch, 18 March 2016 - Whitey Basson, CEO of the Shoprite Group, says while South Africas starring junk status in the face, it is unlikely to land there.

Stellenbosch, 18 March 2016 - Whitey Basson, CEO of the Shoprite Group, says while South Africas starring junk status in the face, it is unlikely to land there.

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.