Discovery founder and CEO Adrian Gore experienced a slight decrease in his compensation, dropping to R27.91 million ($1.8 million) in the 2023 fiscal year from R28.3 million ($1.53 million) the previous year. The reduction came despite company’s robust performance because Gore failed to achieve his personal performance benchmarks.
The company’s normalized headline earnings per share rose significantly, boasting a 32-percent increase to R7.68 billion ($417.526 million) in the year ending June 30.
Gore’s basic salary grew by seven percent, escalating to R7.99 million ($434,379) from R7.61 million ($413,720) in 2022. However, the key factor in the compensation shift was a decrease in his performance-based cash bonus, settling at R9.15 million ($497,443) compared to 2022’s R9.6 million ($521,908). Similarly, the long-term incentive plan receded to R9.15 million ($497,443) from the previous year’s R9.6 million ($521,908).
Further insights from the group’s remuneration report shed light on Gore’s performance specifics. The overarching insight was his partial achievement of set targets through the year.
Performance goals linked to Discovery SA, Vitality UK, and Vitality Global were only somewhat achieved. However, these segments showed substantial growth in normalized operating profit and new business volume.
Strategic moves, including Discovery Bank and Amplify Health investments, have poised the company for potential future expansion. Ongoing investments in major initiatives like Vitality1, aiming to broaden the Shared-value model’s globalization, also marked the year’s efforts.
Gore, one of South Africa’s richest men, owns a 7.98-percent stake in Discovery.
