Discovery Bank CEO Hylton Kallner earned more than Discovery Group CEO Adrian Gore in the 2026 financial year, Moneyweb reported. It is the fourth year in a row that this has happened.
Kallner’s total pay came to R51.3 million for the year to 30 June. Gore received R37.5 million over the same period.
The two men have fairly similar base salaries and performance bonuses, according to the report. The big gap comes from long-term incentives. Kallner’s were worth R30.4 million, while Gore’s were worth R13.2 million.
Over the past four years, Kallner has received a total of R223.6 million. Gore received R134.28 million over the same four years.
Kallner’s pay over this period is more than double that of Vitality Group CEO Barry Swartzberg. It is also more than double that of Group CFO Deon Viljoen, Moneyweb reported.
Discovery said Kallner’s pay for the year “includes the standard SIP [single incentive plan] and the OPSI [outperformance single incentive scheme] for achieving stretch targets in his composite for the year”.
Kallner is also CEO of Discovery South Africa. He is judged on three goals linked to the bank. These are financial results, business growth and strategic results.
He beat his financial target and met the other two goals. His final score was 108%.
Gore met two of his three goals, which covered group financial results and ESG results. His third goal, group strategic results, was only partly met. That gave him a final score of 96.5%.
Discovery said its remuneration committee changed some targets for Kallner after comparing his pay with the market. The group said this was done “to ensure his total package remains market competitive if outperformance targets are achieved”.
The disclosed long-term incentive value is based on shares that will vest in the coming years. Awards from earlier years that vested during 2026 are not counted in the R51.3 million figure.
This is why the highest-paid employee in the year received R65.48 million. Moneyweb reported that this person is believed to be Kallner.
Discovery said this amount “was materially impacted by the vesting of long-term share-based incentive awards granted over a number of years”. The group said the value reflected business performance and share price growth over that time.
Discovery also gave pay figures for its wider staff. It said the top 5% of employees earned an average of R6.2 million. The bottom 5% earned an average of R214 458, a ratio of 28.9.
The group discloses the pay of Kallner and Neville Koopowitz because they are prescribed officers. Koopowitz is CEO of Vitality in the UK and is paid in pounds.
Shareholders have usually backed Discovery’s pay policy at its annual general meetings. At the last two meetings, votes in favour were above 90%.
Source: this article is based on reporting by Moneyweb. Image: Moneyweb. Written with the help of AI and published by the Tzaneen Voice Business desk. See our Editorial Standards.
Anelisa Nkuna covers business and money news for Tzaneen Voice. Anelisa reports on the rand, fuel prices, interest rates, jobs, Eskom, Transnet, farming and company results. The aim is simple: explain what the numbers mean for household budgets, small businesses and workers in South Africa.