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Discovery Bank CEO out-earns Group CEO for fourth year running

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Discovery Bank CEO out-earns Group CEO for fourth year running

Oct 23

Hylton Kallner’s stretch-targets outcome was 108% in the 2026 financial year (Adrian Gore achieved 96.5%). Image: Supplied

Discovery Bank CEO Hylton Kallner has received total remuneration for its 2026 financial year that once again tops that of Group CEO Adrian Gore.

Kallner’s total remuneration was R51.3 million for the year to 30 June, while Gore’s was R37.5 million.

They share not-dissimilar base salaries and performance bonuses, but the value of Kallner’s long-term incentives for this reporting year dwarfs that of Gore (R30.4 million versus R13.2 million).

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This is the fourth straight year that Kallner’s overall remuneration has been higher Gore’s.

Over the past four years, Kallner has received remuneration totalling R223.6 million, versus Gore’s R134.28 million.

Kallner’s remuneration over this period is more than double that of executive director and CEO of Vitality Group Barry Swartzberg as well as Group CFO Deon Viljoen.

The group discloses the remuneration of Kallner and Neville Koopowitz as they are prescribed officers.

Kallner is also CEO of Discovery South Africa, while Koopowitz is CEO of Vitality in the UK (Koopowitz is based in the UK and is remunerated in pounds).

The group notes that Kallner’s “total remuneration earned for FY2026 includes the standard SIP [single incentive plan] and the OPSI [outperformance single incentive scheme] for achieving stretch targets in his composite for the year”.

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He is measured on three objectives all related to the bank: financial outcomes (38% weighting), business growth (17%) and strategic outcomes (45%).

On the first measure, he exceeded the target, while it was met for the other two. His overall outcome was 108%.

Gore met two of his three measures (group financial outcomes and ESG outcomes), while the group strategic outcomes (40% weighting) was partially met. This resulted in an overall outcome of 96.5%.

	Adrian Gore	Barry Swartzberg	Deon Viljoen	Hylton Kallner	Neville Koopowitz
Base salary	R10.086m	R7.0834	R7.446m	R9.139m	£1.138m
Retirement fund	R751 000	R747 000	R1.180m	R457 000	£10 000
Other benefits	R308 000	R391 000	R424 000	R150 000	£88 893
Performance/cash bonus	R13.168m	R9.414m	R10.695m	R11.200m	£1.344m
LTIP/deferred reflected	R13.168m	R11.140m	R10.695m	R30.362m	£2.016m
Total	R37.481m	R28.775m	R30.441m	R51.308m	£4.597m

* Amounts are rounded

Discovery says its remuneration committee used its discretion to adjust “the threshold and stretch percentages for Hylton Kallner’s OPSI and profit targets to ensure his total package remains market competitive if outperformance targets are achieved”. This followed a benchmarking exercise.

The group typically receives strong support for votes on its remuneration policy and implementation at its AGMs.

At the last two meetings, votes in favour both topped 90%.

Total remuneration over four years
Adrian Gore	R27.91m	R31.67m	R37.22m	R37.48m	R134.28m
Barry Swartzberg	R22.79m	R30.14m	R26.14m	R28.78m	R107.85m
Deon Viljoen	R21.45m	R25.96m	R29.74m	R30.44m	R107.59m
Hylton Kallner	R53.56m	R57.65m	R61.08m	R51.31m	R223.60m
Neville Koopowitz	£4.23m	£2.84m	£4.48m	£4.60m	£16.15m

Pay gap

Discovery says the average total remuneration for the top 5% of employees is R6.2 million, while for the bottom 5%, it is R214 458.

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This equates to a ratio between the two of 28.9.

Keeping things ‘fair’

It says “in line with the group’s commitment to fair and responsible remuneration, all permanent, non-commission-based employees in South Africa will earn at least R220 000″ …

Then adds “except for those employed by Discovery Bank, who will earn at least R260 000”.

Those in the UK and US “will earn above the real living wage”.

Importantly, the value for awards under the long-term incentive plan is the amount of those shares which will be “determined on the basis of performance for the reporting year”. In other words, the shares will vest over the coming years.

This means that any awards made in prior periods which vested during the 2026 financial year are excluded.

This explains why Kallner’s disclosed remuneration for FY26 is R51.3 million but the highest-paid employee in the year (believed to be Kallner) received R65.48 million.

The group says this “was materially impacted by the vesting of long-term share-based incentive awards granted over a number of years, including OPSI awards where applicable”.

“The value ultimately realised reflects both sustained business performance and share price growth over the relevant vesting period, demonstrating Discovery’s remuneration philosophy of aligning a significant proportion of senior leadership remuneration with the delivery of long-term shareholder value.”