CEO Remuneration 2021 Report: Work and the Productivity Promise

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Wednesday, August 11, 2021 / 05:00 AM / By Proshare Research / Header Image Credit:  EcoGraphics



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The work environment may not see glacial changes in many sectors, but some sectors will operate under completely new realities. The COVID-19 pandemic has forced many corporate executives and workers to rethink the purpose and method of work.

 

Many workers are seeing opportunities of providing their services in safer home environments with minimal interpersonal physical contact. For example, the media business, especially the print end of the information market was once a bustling beehive of activities with a large network of vendors and agents has seen these armies of logistics personnel shrivel and disappear as more Nigerians receive their news from their digital mobile devices. This keys into the new notions of environment, social, and governance (ESG) concerns. The reduction in physical newspaper circulation would mean fewer trees would be cut, more plants would receive shaded protection thereby protecting biodiversity, as fresh business value chains come alive.

 

The pivot towards digital dissemination of news has resulted in an unforced collaboration between tech firms and media organizations in which media provides the content for tech company products in the areas of business and finance. For instance, a tech company concerned about value creation in the agribusiness market would enhance its value proposition by giving the farming and animal husbandry communities real-time information on domestic and international crop and animal protein prices and provide news on legislation, taxes or charges, and weather conditions among other salient industry information. The collaboration would enable agri-entrepreneurs to take timely business decisions and hedge against risks associated with weather, policies, and financial conditions.

 

Productivity in the new work environment is not just about brawn brought to the workplace but about the speed and efficiency with which information is processed and used. The agile company of today needs to ensure that the flood of data available to it is filtered in a way that makes it useful for action.

 

The company hoping to reman sustainable must build into its work culture, filters of flexibility that allow workers to optimize their time by adjusting to flexible work practices that combine physical workplace presence with working from home (WFH).

 

Higher levels of efficiency resulting from flexible work practices should translate into improved corporate financial bottom lines. This could be an index used for measuring the impact of work flexibility in a company especially if the company looks at the ratio of its turnover and earnings before tax to its staff cost for the year. 

 

CEOs are likely to keep a keen eye on the flexible work movement and the rise (or fall) in earnings of the company, the executives would hope that with hybrid work both turnover and earnings before tax will grow wings and fly as productivity per employee rises and administrative costs fall.

 

Mind over Matter

Nigerian CEOs going forward will have to breach the walls of lethargy and the onslaught of technology to make their organizations agile enough to cope with glacial changes in the global and local business environments. The future will be less about the size and the quality of the workforce as it would gravitate around the adoption and adaptation of technology to the service and product promises to the customers of tomorrow who are here today. 

 

The CEOs pay will reflect corporate sustainability and the extent to which the CEO and his board and management can roll down the path of digital evolution to meet the needs of a demanding new generation of consumers. The poor corporate performance will increasingly mirror the declining pay for the CEO. Freebies are useful but they will not dictate how the big corporate boss is compensated in years ahead. The CEOs pay will be an issue of mind over matter, if the CEO falters shareholders will not mind, but the CEO will not matter as he or she is politely escorted out of the company's premises.

 

Methodology

The report relies on four (4) primary sources of information:

1.      The Nigerian Exchange Group (NGX)

2.     Audited Accounts of Listed Companies on the NGX

3.     NASD OTC

4.     Proshare Investor Relations (IR) Pages

The report relied on the audited corporate statement of accounts over five years 2016- 2021 for the remuneration of the highest-paid directors of each company analyzed and listed in the relevant pages of the report. We also relied on disclosures in notes to the respective accounts. The data sets were disaggregated for meaningful analysis and interpretation. We equally engaged in other in-house modeling processes to provide clarity by way of dimensioning time series and cross-sectional data and carried out a survey.

 

The cut of date for our analysis was June 2021, reports submitted outside this date were not considered and will be included in any subsequent report we publish on CEO Remunerations of listed companies on the NSE. Full-year annual accounts used for data analysis were from the financial year ended December 2016 to the financial year ended in December 2021. We did not take into consideration the accounts of companies that released their year-end 2020 results after the cut-off date of 30 June 2021. We also classified as unavailable data on highest-paid executive remuneration that combined the remuneration of all the top executives of the company.

 

The lack of clarity over who earns what in these companies required us to govern the reporting process by only those companies that reported the remuneration of their highest-paid corporate executive separate from other directors. Where the remuneration of the highest-paid executive is lumped with the pay of other directors, we have chosen to state that the income of the company's highest-paid executive is not available.


 Proshare Nigeria Pvt. Ltd.


Downloadable Versions of 2021 Report (PDF)

1.          Executive Summary: CEO Remuneration 2021 Report - From COVID to Collaboration -  August 01, 2021

2.         Full Report: CEO Remuneration 2021 Report - From COVID to Collaboration -  August 01, 2021


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Previous Years's Reports and Related Links

1.      CEO Remuneration 2020 Report - Paying the CEO in a Pandemic; The Unanswered Questions - July 30, 2020

2.     CEO Remuneration 2019 Report: Making Sense of The Numbers for Listed Companies in Nigeria - July 30, 2019

3.     CEO Remuneration 2018 - PDF Report

4.     All Quoted Companies IR Pages - Proshare MARKETS



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