Kallner's remuneration over that period tops R220m (versus Gore's R134m) due to bank's outperformance
Hylton Kallner, CEO of Discovery Bank. Picture: Supplied
Discovery Bank CEO Hylton Kallner has received total remuneration for its 2026 financial year that once again tops that of Group CEO Adrian Gore.
Kallner’s total remuneration was R51.3 million for the year to 30 June, while Gore’s was R37.5 million.
They share not-dissimilar base salaries and performance bonuses, but the value of Kallner’s long-term incentives for this reporting year dwarfs that of Gore (R30.4 million versus R13.2 million).
This is the fourth straight year that Kallner’s overall remuneration has been higher Gore’s.
Over the past four years, Kallner has received remuneration totalling R223.6 million, versus Gore’s R134.28 million.
Kallner’s remuneration over this period is more than double that of executive director and CEO of Vitality Group Barry Swartzberg as well as Group CFO Deon Viljoen.
The group discloses the remuneration of Kallner and Neville Koopowitz as they are prescribed officers.
Kallner is also CEO of Discovery South Africa, while Koopowitz is CEO of Vitality in the UK (Koopowitz is based in the UK and is remunerated in pounds).
The group notes that Kallner’s “total remuneration earned for FY2026 includes the standard SIP [single incentive plan] and the OPSI [outperformance single incentive scheme] for achieving stretch targets in his composite for the year”.
He is measured on three objectives all related to the bank: financial outcomes (38% weighting), business growth (17%) and strategic outcomes (45%).
On the first measure, he exceeded the target, while it was met for the other two. His overall outcome was 108%.
Gore met two of his three measures (group financial outcomes and ESG outcomes), while the group strategic outcomes (40% weighting) was partially met. This resulted in an overall outcome of 96.5%.
| Total remuneration, FY2026 | |||||
| Adrian Gore | Barry Swartzberg | Deon Viljoen | Hylton Kallner | Neville Koopowitz | |
| Base salary | R10.086m | R7.0834 | R7.446m | R9.139m | £1.138m |
| Retirement fund | R751 000 | R747 000 | R1.180m | R457 000 | £10 000 |
| Other benefits | R308 000 | R391 000 | R424 000 | R150 000 | £88 893 |
| Performance/cash bonus | R13.168m | R9.414m | R10.695m | R11.200m | £1.344m |
| LTIP/deferred reflected | R13.168m | R11.140m | R10.695m | R30.362m | £2.016m |
| Total | R37.481m | R28.775m | R30.441m | R51.308m | £4.597m |
Discovery says its remuneration committee used its discretion to adjust “the threshold and stretch percentages for Hylton Kallner’s OPSI and profit targets to ensure his total package remains market competitive if outperformance targets are achieved”. This followed a benchmarking exercise.
The group typically receives strong support for votes on its remuneration policy and implementation at its AGMs.
At the last two meetings, votes in favour both topped 90%.
| Total remuneration over four years | |||||
| FY2023 | FY2024 | FY2025 | FY2026 | Total | |
| Adrian Gore | R27.91m | R31.67m | R37.22m | R37.48m | R134.28m |
| Barry Swartzberg | R22.79m | R30.14m | R26.14m | R28.78m | R107.85m |
| Deon Viljoen | R21.45m | R25.96m | R29.74m | R30.44m | R107.59m |
| Hylton Kallner | R53.56m | R57.65m | R61.08m | R51.31m | R223.60m |
| Neville Koopowitz | £4.23m | £2.84m | £4.48m | £4.60m | £16.15m |
Pay gap
Discovery says the average total remuneration for the top 5% of employees is R6.2 million, while for the bottom 5%, it is R214 458.
This equates to a ratio between the two of 28.9.
Keeping things ‘fair’
It says “in line with the group’s commitment to fair and responsible remuneration, all permanent, non-commission-based employees in South Africa will earn at least R220 000″…
Then adds “except for those employed by Discovery Bank, who will earn at least R260 000″.
Those in the UK and US “will earn above the real living wage”.
Importantly, the value for awards under the long-term incentive plan is the amount of those shares which will be “determined on the basis of performance for the reporting year”. In other words, the shares will vest over the coming years.
This means that any awards made in prior periods which vested during the 2026 financial year are excluded.
This explains why Kallner’s disclosed remuneration for FY26 is R51.3 million but the highest-paid employee in the year (believed to be Kallner) received R65.48 million.
The group says this “was materially impacted by the vesting of long-term share-based incentive awards granted over a number of years, including OPSI awards where applicable”.
“The value ultimately realised reflects both sustained business performance and share price growth over the relevant vesting period, demonstrating Discovery’s remuneration philosophy of aligning a significant proportion of senior leadership remuneration with the delivery of long-term shareholder value.”
This article was republished from Moneyweb. Read the original here.
