Businessman donates his salary to charity
DOING GOOD: Johann Rupert's company did well but he took home a smaller salary than last year - and then he gave it away
DESPITE posting record profit and sales this year, luxury goods group Richemont executive chairman and CEO Johann Rupert took home a smaller salary and, once again, promptly gave it away.
While disquiet grows around the globe about excessive executive pay in struggling economies, Rupert's salaries and benefit payments from Richemont, Remgro, Reinet Investments Manager and Reinet Fund Manager are traditionally donated to charity.
The company declined to name the recipient charities.
Including his salary, share options and post-employment benefits, Rupert took home €3,6m (R37.8 million) — a drop from last year’s €3,9m (R41 million) — according to Richemont's annual report.
The group, which owns luxury brands such as Montblanc, Piaget and Cartier, grew operating profit by 51% in the year ending March.
But the highest-paid executive at Richemont was not Rupert — It was Deputy CEO Richard Lepeu who took home €8,2m (R86 million).
Richemont supports the Peace Parks Foundation, which promotes sustainable local economic development in Southern Africa.
In the annual report, Rupert acknowledged that raising money for the foundation in recessionary times was tough. "Even so … if they know it's honest and transparent, that you aren't using the donations to fund high salaries and administration costs, and that you deliver what you promised them, the money is there."