Woolworths South Africa has committed to investing an extra R120 million in wages over the next three years.
Woolies said executive directors and management levels did not receive a guaranteed pay increase in 2021, and it has approved a 4.5 percent increase for South Africa store staff and 2 percent for Australia for the 2022 financial year.
The group said it paid chief executive officer Roy Bagattini, chief financial officer Reeza Isaacs, chief operating officer Sam Ngumeni and South African chief executive Zyda Rylands a combined R95 million remuneration based on the performance of the financial year including the vesting of shares. Bagattini was appointed as group CEO in February 2020 and his remuneration is paid in rands and Australian dollars to reflect the time and focus spent in the different geographies.Woolies was under fire from shareholders during its 2020 AGM for certain aspects of its remuneration payments in 2020 leading to a disappointing approval of only 18 percent for the Implementation Report.
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