AVI CEO Simon Crutchley received a total remuneration package of R113.47 million in the 2026 financial year, according to the group’s integrated annual report. News24 reported that this figure amounts to more than 1 800 times the R60 474 earned by the food producer’s lowest-paid merchandiser.
The Bottom Line
- Executive Pay Breakdown: Simon Crutchley’s R113.47 million package includes a R17.322 million salary, R15.746 million in performance-related bonuses, and R76.2 million in share-option gains.
- Binding Remuneration Votes: Under new sections of South Africa’s Companies Act that took effect on May 22, shareholder votes on remuneration policies and implementation reports are now strictly binding.
- Historical Shareholder Pushback: Over the past four financial years, AVI (JSE: AVI) has faced notable dissent from shareholders regarding its executive pay structures during annual general meetings.
Composition of the Remuneration Package and Shareholder Dissent
The bulk of Crutchley’s compensation for the 2026 financial year derived from variable components rather than fixed salary. News24 reported that the biggest chunk of his package consisted of R76.2 million in gains related to the exercise of share options. He also earned a base salary of R17.322 million, pension fund contributions of R1.357 million, other taxable allowances and benefits totaling R2.833 million, and R15.746 million linked to bonus and performance-related work. This follows a total remuneration package of R90.5 million in the 2025 financial year.
AVI stated that the gains reported for directors reflect actual profits made when exercising share options that had already vested under schemes approved by shareholders. The company explained that these gains may include the benefit of options exercised across numerous tranches and schemes accumulated over several years. Other benefits covered expenses refunded, taxable allowances for cars and security, and company contributions to medical schemes.
Executive pay has increasingly become a contentious issue in South Africa amid high poverty levels. Historically, shareholders of publicly listed companies have regularly pushed back against non-binding votes on remuneration policies and implementation reports. In November 2025, November 2024, November 2023, and November 2022, only 57.51%, 66.6%, 65.16%, and 61.23% of eligible voters supported the remuneration policy. For the implementation reports over the same four-year span, support stood at 58.61%, 64.2%, 33.57%, and 60.87%.
New Companies Act Disclosure Rules and Wage Gaps
The disclosure of the stark remuneration differential emerged under new wage-gap disclosure rules mandated by updated sections of South Africa’s Companies Act, which took effect on May 22. Public companies, including listed, unlisted, and state-owned enterprises, must now explicitly disclose the compensation gap between their highest- and lowest-earning employees.
For AVI—which owns brands such as Five Roses, Freshpak, Frisco, I&J, and Bakers biscuits—the integrated annual report revealed that its lowest-paid employee, a merchandiser, received a total remuneration package of R60 474. In comparison, the average total remuneration received across all employees at AVI was R436 875, while the median package sat at R246 320.
| Remuneration Metric | Amount (Rand) |
|---|---|
| CEO Total Package (FY2026) | R113,470,000 |
| CEO Share-Option Gains | R76,200,000 |
| CEO Base Salary | R17,322,000 |
| Average Employee Remuneration | R436,875 |
| Median Employee Remuneration | R246,320 |
| Lowest-Paid Employee (Merchandiser) | R60 474 |
Financial Performance and Upcoming Shareholder Votes
The executive pay disclosures coincided with AVI’s reporting of solid full-year financial results in September. The food producer declared a final dividend of 418 cents per share, bringing the total normal dividend to 663 cents, a 4.9% increase. Supported by balance sheet strength, the group also declared a special dividend of 300 cents per share.
Revenue increased by 1.4% to R16.2 billion, while headline earnings per share rose 5.3% to 767.9 cents. Operating profit climbed 4.4% to R3.7 billion, and the operating margin improved to 22.9% from 22.2% the previous year.
Looking ahead, AVI confirmed it will move two binding ordinary votes on the remuneration policy and the implementation report at its upcoming annual general meeting scheduled for November 10. Under the revised Companies Act, these votes are no longer merely advisory; a vote in favor of more than 50% is now legally required for the remuneration policies and their implementation to pass. AVI stated it will continue engaging with shareholders on these reports ahead of the AGM, maintaining the dialogue it has conducted in previous years.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
