Old Mutual CEO Peter Moyo earned R35.5m in 2018

Old Mutual Chief Executive Peter Moyo earned a total of R35.5m in 2018, a period that saw the group complete its managed separation and list its African and emerging markets arm on the JSE.

Moyo’s reward highlighted his ability to deliver the successful listing of Old Mutual, the company said in its integrated report.

His pay included a fixed income of R8m and a cash short-term incentive of R7.1m, among other benefits. The company said executive remuneration structures were "heavily weighted towards performance-based remuneration" and benchmarked against industry standards.

The total came to R35 565 588.

Moyo said in the past year, Old Mutual distributed and declared R10.7bn in ordinary and special dividends, following the managed separation, with the listing of Old Mutual on five different exchanges, and the reduction of the firm's 52% stake in Nedbank to 19.9%.

"The economic outlook has marginally improved relative to the previous year, resulting in some increase in business and consumer confidence. However, investor confidence is still fragile with concerns around government debt levels and policy uncertainty particularly around the proposed policy on land expropriation without compensation," he said.

A cost of £130m was incurred to relocate the Old Mutual plc head office in London. 

As part of employee recognition, the permanent employees were at the time of listing granted a once-off share award to the value of R10 000.

Former finance minister Trevor Manuel, who is the chairman of the board, earned R7m (R7 059 658) in board fees. He said the board played a pivotal role in overseeing the listing process.

Old Mutual’s managed separation involved splitting its four previous constituents – Old Mutual Emerging Markets, the Nedbank Group, Old Mutual Wealth, and Old Mutual Asset Management – into stand-alone entities.

According to the group, southern African region remains the largest contributor to the rest of Africa profits, driven by strong performance in Zimbabwe and Namibia "despite tough trading and economic conditions."