This archive report was first published on 14 November 2019.
On November 14, 2019, Unga Group announced a reduction in CEO pay, with Nick Hutchinson's total compensation declining to Sh44.3 million.
According to the company's latest annual report, Hutchinson's annual salary dropped by 5% to Sh26.8 million, while his bonus was reduced by 9.2% to Sh6.5 million.
His other benefits, including allowances and non-cash compensation, also decreased in the review period.
Unga Group's remuneration structure rewards executives on a monthly, annual, and medium-term basis to retain and motivate them to achieve set goals.
Part of Hutchinson's compensation comes from Unga's significant shareholder and major supplier, Seaboard Corporation, which charges the company management fees.
Unga purchased goods and services worth Sh3.3 billion from Seaboard in the review period, including Sh65.1 million paid to the conglomerate's subsidiary, Seaboard Overseas Management Company.
