Liberty Kenya Holdings #ticker:LIBT paid its chief executive Mike du Toit Sh96.5 million in the year ended December, the insurance firm has disclosed in its latest annual report.
His compensation fell 2.5 per cent from Sh99 million the previous year after earning a smaller bonus in the review period.
The Nairobi Securities Exchange-listed firm says Mr du Toit’s remuneration is set by its Johannesburg-based parent company Liberty Group and takes into account his additional roles in the regional markets.
“The salary for the executive director, who is also the regional group executive for East and Central Africa, is set at a level which is considered appropriate to attract an individual with the necessary experience and ability to oversee the businesses across the region,” Liberty says in the report.
“The remuneration of the managing director including but not limited to contract terms, monthly pay and participation in the group short and long incentive plans are set by the Liberty Group remuneration committee.”
Mr du Toit’s compensation in the review period comprised a basic pay of Sh74.5 million or Sh6.2 million per month, benefits (Sh14.8 million) and bonus (Sh7 million).
In the previous year, he earned a basic pay of Sh68.6 million or Sh5.7 million per month, benefits (Sh13.6 million) and bonus (Sh16.6 million). The benefits include school fees and air travel.
Mr du Toit is entitled to receive Sh18.6 million in case of early termination of his contract.
The executive, who was hired in December 2008, has about five months left on his renewable contract.
As the parent company’s regional executive for East and Central Africa, he is mainly responsible for strategic growth initiatives, governance and stakeholder engagement.
Liberty Kenya posted a 35 per cent rise in net profit to Sh845.7 million in the year ended December, helped by higher investment income. The company completed the sale of its Heritage House in Naivasha to Emerg Investments Limited for Sh95 million, incurring a loss of sh10.5 million in the transaction.
Liberty resumed dividend payouts in the review period, declaring a dividend of Sh0.5 per share.
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