Johannesburg - Liberty Group chief executive Myles Ruck received a remuneration package valued at R13 million from the Standard Bank Group for financial 2003.
About R5.1 million of this was paid to Ruck by Liberty and Standard Bank paid him R4 million for the months he spent as deputy chief executive of the bank. In addition, Ruck gained R3.8 million through the exercise of his Standard Bank share options.
Standard Bank chief executive Jacko Maree received emoluments of R13.2 million for 2003.
According to the Liberty Group annual report, the previous chief executive, Roy Andersen, retired from Liberty in March last year. However, Buddy Hawton, the chairman of the Standard Bank remuneration committee, said yesterday that Ruck formally took over from Andersen at the end of May.
This means the R4 million Ruck received from Standard was a salary and a pro rata bonus for the first five months of 2003.
The R5.1 million paid by Liberty for his seven months as chief executive included a R3 million sign-on bonus. Andersen received a total package of R5.2 million for the 12 months of financial 2002 when he was chief executive.
Hawton said that if this sign-on bonus and the profit from exercising his options were stripped out of Ruck's package, he had in fact suffered a reduction of about 10 percent.
Myles had not received a performance bonus from Liberty and had missed out on seven months of performance bonus from Standard, said Hawton. He added that the R3 million sign-on bonus compensated for Ruck not receiving the performance bonus.
Following the resignations of Andersen and UK-based Peter Prinsloo, Standard has two executive directors on the board. This is in line with governance guidelines that require that a board be dominated by non-executive directors.
In financial 2002, Prinsloo's total emoluments were R18 million, of which R8.1 million related to the establishment of international pension benefits approved by the remuneration committee in 1999 and which accrued in 2002.
In 2003, Standard Bank chairman Derek Cooper was the highest paid non-executive director, with total emoluments of R3.2 million. Doug Band was next, with R2.7 million, of which R2.4 million were described as otherwise in connection with the affairs of the Standard Bank Group or its subsidiaries.
Standard lost 40c to R41.10. The banking sector lost 0.79 percent.
Liberty slipped 30c to R54. Life assurers were down 0.76 percent.