LATEST ON BIZNEWS RADIO: Piet Viljoen’s updated guide to smart investing: Booming US dollar, stock ratings won’t last forever. Prepare accordingly. (To listen on Spotify, click here.)
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I got something really wrong in today’s Daily Insider.
The second paragraph of the newsletter distributed earlier this morning referred to “this week’s AGM of Coronation Fund Managers where its board refused to disclose CEO Anton Pillay’s salary. Rumour has it Pillay, also chairman of the industry’s self-regulating body ASISA, gets R100m a year.”
That AGM was actually in 2019, NOT this week. And it was NOT Pillay’s pay the company refused to disclose. Rather, it was pay of research analysts and their direct boss, Coronation’s chief investment officer, who is the one rumoured to have earned over R100m that year.
I double checked this morning by working through fine print in Coronation’s latest annual report. Pages 111 and 112 provide details of Anton Clarence Pillay’s pay. He received R24m in the 12 months to end September 2021, which did indeed take the CEO’s remuneration to over R100m – but for five years not one.
There is still no mention in the Coronation annual report of the chief investment officer’s remuneration, nor that of the firm’s research analysts. The report does, however, disclose that 160 of its employees shared in a bonus pool worth 30% of the pretax profit – or R691m.
The other relevant disclosure is that, in total, the 378 employees of Coronation received salaries and incentive compensation of R1.327bn in the 12 months to end September 2021 – an average of R3.5m each. Look out for a comprehensive discussion on the subject with Opportune’s Chris Logan, which will be published later today on BizNews Radio.
We have a standing request to Coronation for an interview to share its side of the performance fee, balanced fund and now remuneration debates.
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