The benefits include medical cover and club membership, with the executive also allowed to charge the company for travel and other expenses incurred in the course of performing his duties.
His contract has a three-month notice period and the executive is entitled to salaries in lieu of the notice period in case of early termination.
Nairobi Securities Exchange (NSE) #ticker:NSE -listed agricultural firm Sasini paid its chief executive Stephen Githiga Sh18.6 million in the year ended September 2017, the company has disclosed in its latest annual report.
Mr Githiga was paid a salary of Sh13.6 million or Sh1.1 million per month, pension (Sh1.7 million), bonus (Sh1.5 million) and non-cash benefits (Sh1.8 million).
“The salary for the executive director is set at a level which is considered appropriate to attract an individual with the necessary experience and ability to oversee the business,” Sasini says in the report, adding that the pay is subject to an annual review each October.
“Judgement is used but consideration is given to a number of internal and external factors including responsibilities, market positioning, inflation and company performance.”
The benefits include medical cover and club membership, with the executive also allowed to charge the company for travel and other expenses incurred in the course of performing his duties.
His contract has a three-month notice period and the executive is entitled to salaries in lieu of the notice period in case of early termination.
Mr Githiga’s predecessor, Moses Changwony, was paid a total of Sh16.3 million in the previous full year.
Sasini says it hires its chief executives on two-year contracts that are renewable.
“The company’s policy is to appoint the executive director for an initial two-year period, which may be extended for a further term by mutual consent.”
“The initial appointments and any subsequent reappointments are subject to annual review by the remuneration and nomination committee.”
Sasini reported a 9.5 per cent increase in net profit in the half year ended March, helped by higher tea prices that lifted its sales 3.5 per cent to Sh1.5 billion. The company declared an interim dividend of Sh0.5 per share to be paid on July 16 to shareholders on record as of June 2.
