News24 | Five Roses owner AVI’s CEO earned R113m last year — more than 1 800 times the group’s lowest-paid employee

AVI’s CEO, Simon Crutchley, received a total remuneration package of R113.47 million in financial year 2026, more than 1800 times that of the lowest-paid employee.

AVI annual results

• AVI CEO Simon Crutchley received R113.47 million in financial year 2026 – more than 1 800 times the R60 474 earned by the group’s lowest-paid merchandiser.
• The group disclosed the differential in its integrated annual report under the new Companies Act wage-gap disclosure rules that took effect on 22 May.
• The bulk of Crutchley’s package came from R76.2 million in share-option gains.
• He also earned a R17.3 million salary and R15.7 million in bonus and performance-related pay.
• For more financial news, visit News24 Business.

AVI’s CEO, Simon Crutchley, received a total remuneration package of R113.47 million in the financial year 2026, more than 1 800 times the JSE-listed food producer’s lowest-paid employee.

The group, which owns brands such as Five Roses, Freshpak, Frisco, I&J and Bakers biscuits, noted in its latest integrated annual report, published on Friday, that the lowest-paid employee, a merchandiser, received a total remuneration package of R60 474.

AVI, along with other public companies (including listed, unlisted and state-owned enterprises), are disclosing the differential between the highest- and lowest-earning employees, in line with the requirements for specific wage-gap disclosures under new sections of the Companies Act, which took effect on 22 May.

Executive pay has increasingly become a bone of contention in South Africa, given the high levels of poverty, with shareholders of publicly listed companies having regularly pushed back on non-binding votes on remuneration policies and their implementation in recent years.

Until recently, companies engaged with dissenting shareholders if they failed to secure more than the 75% threshold, even though these votes were not binding.

Under the new sections of the Companies Act, votes on both remuneration policies and their implementation are now binding, with a vote in favour of more than 50% required to pass them.

In AVI’s annual report, the group noted that the average total remuneration received by employees at AVI was R436 875, while the median package was R246 320.

According to the report, Crutchley received a total annual remuneration of R113.47 million, including a salary of R17.322 million, a pension fund contribution of R1.357 million and other benefits of R2.833 million, along with variable components, the biggest chunk of which was R76.2 million received for gains related to the exercise of share options. There was a further R15.746 million linked to bonus and performance-related work.

In the 2025 financial year, he received a total remuneration package of R90.5 million.

READ | Bakers, Frisco owner AVI’s market share undercut, even as it protects profit margin

AVI reported solid full-year results in September, declaring a final dividend of 418 cents per share, increasing the total normal dividend by 4.9% to 663 cents. It declared a special dividend of 300 cents per share, thanks to its “balance sheet strength”, Crutchley said at the time.

Its revenue increased by only 1.4% to R16.2 billion, although headline earnings per share increased 5.3% to 767.9 cents.

Operating profit was up by 4.4% to R3.7 billion, and the operating margin improved to 22.9% (from 22.2%).

AVI told News24 that the gains reported for directors in its annual report are the actual profits they made when they exercised share options that had already vested, under share schemes its shareholders approved.

“The gains may include the benefit of options exercised across numerous tranches and schemes, with awards having taken place over several years. The other benefits include expenses refunded, taxable allowances (including car and security allowances), and company contributions to medical schemes.”

AVI confirmed it would “move two binding ordinary votes on the remuneration policy and the implementation report at the AGM in line with the Companies Act”. The company’s AGM takes place on 10 November.

“We will continue engaging with shareholders on these reports as we have done in the past, and as reported in the remuneration report.”

The group’s annual report shows that over the past four financial years, AVI has received negative pushback from shareholders on both its remuneration policy and its implementation report.

For instance, in November 2025, November 2024, November 2023, and November 22, only 57.51%, 66.6%, 65.16% and 61.23% of those eligible to vote in a non-binding vote voted in favour of the remuneration policy.

As far as the remuneration report implementation was concerned, in 2025, 2024, 2023, and 2022, only 58.61%, 64.2%, 33. 57%, and 60.87% voted in favour.