Trouble over Shoprite’s plan to award CEO with R36.4 million on top of R117 million pay package

Shoprite's CEO Pieter Engelbrecht is set to receive a massive pay hike of R36.4 million on top of his existing R117 million package, sparking controversy among investors who will vote against the new incentive plan. The 35% increase has raised eyebrows, with several major investors, including the State Board of Administration of the Florida Retirement System and British Columbia Investment Management Corp., joining forces to reject the plan. The move is a significant blow to Engelbrecht's compensation package, which will now exceed R154 million.