Johannesburg - A reported 34% annual increase in Bidvest's Brand Pretorius' salary has been explained as an error in the Bidvest annual report.

"The matter has been fully investigated and Bidvest reports that Mr Pretorius was in fact granted a 6% salary increase by the group remuneration committee and not the 35% as disclosed in the 2009 annual financial statements," said Bidvest in a statement to the JSE News Service.

Bidvest said the mistake arose as a result of an administrative error.

Earlier this week, Fin24.com reported that shareholder activist Theo Botha had raised a question mark over Pretorius' basic remuneration at the diversified industrial's annual general meeting.

Pretorius had been awarded a basic pay of R2.5m for the year to end-September 2008 and R3.37m for the 12 months to end-September 2009 - an increase of just over 34% - according to the Bidvest 2009 Annual Report.

Reports of Pretorius' salary raised much negative attention this week. Pretorius is CEO of the group's automotive division, Bid Auto.

Bidvest's profits suffered as a result of adverse trading conditions in the South African vehicle sector, and employees were retrenched.

- Fin24.com