DURBAN – Two of Ninety One’s executive directors took home a combined once-off variable remuneration of £900 000 (R19.26 million) during the year to the end of March in a handsome award that the group ascribed to their sterling role in the group’s successful demerger from Investec.
The group said in its annual report yesterday that chief executive Hendrik du Toit scored a cool £500 000, while finance director Kim McFarland took home £400 000.
The group said its remuneration committee decided to make the one-off variable remuneration awards, payable in cash, in recognition of the material time and effort devoted to the Ninety One business for the 2020 financial year in addition to their commitments as executive directors of Investec.
“This award further recognised that 2020 was a momentous year for Ninety One, delivering record earnings and the successful demerger from Investec, rebranding as Ninety One and listing on the London Stock Exchange and the JSE,” the group said.
Ninety One was spun off from Investec and listed separately on both exchanges in March.