Hylton Kallner, who runs Discovery Bank and Discovery’s South African composite, was credited with total remuneration of R51.3 million for the year to 30 June 2026, against R37.5 million for Group Chief Executive Adrian Gore. The figures come from Discovery’s 2026 Remuneration Report. It is the fourth year running that Kallner’s disclosed pay has exceeded Gore’s, although Kallner’s figure fell from R61.1 million the year before.
What the R51.3 million actually measures
The number is the “total remuneration earned” in Discovery’s single-figure table, not cash paid into Kallner’s bank account in the year. The report breaks it down as a base salary of R9.14 million, a retirement fund contribution of R457,000, other benefits of R150,000, a performance (cash) bonus of R11.20 million and R30.36 million of “LTIP/deferred reflected”. Added together, that is R51.31 million.
The R30.36 million is the value of deferred shares awarded for the year’s performance under Discovery’s single incentive plan, which vest in later years. The report says the amount for legacy long-term incentives that vested during the year is excluded from this table. For Kallner, the company says his figure “includes the standard SIP and the OPSI for achieving stretch targets in his composite for the year”. OPSI is the outperformance single incentive scheme, which Discovery describes as self-funded through super-stretched performance targets, with awards settled in deferred shares.
Gore’s R37.48 million is made up of a R10.09 million base salary, R751,000 in retirement contributions, R308,000 in other benefits, and R13.17 million each for the cash bonus and the deferred portion. The difference between the two executives is therefore mostly in the deferred share component (R30.4 million against R13.2 million). Their salaries and cash bonuses are closer: R9.14 million and R11.20 million for Kallner, R10.09 million and R13.17 million for Gore.
The four-year record
According to Moneyweb, Kallner’s disclosed pay over the past four years totals R223.6 million, against R134.28 million for Gore. Moneyweb’s table shows Kallner at R53.56 million in FY2023, R57.65 million in FY2024, R61.08 million in FY2025 and R51.31 million in FY2026. Gore’s figures were R27.91 million, R31.67 million, R37.22 million and R37.48 million. The FY2025 and FY2026 numbers match Discovery’s own report, and News24 reported the FY2023 and FY2024 amounts for Kallner and the FY2024 amount for Gore in 2024.
On the same four-year basis, Moneyweb reports Kallner’s total is more than double that of Vitality Group chief executive and Executive Director Barry Swartzberg (R107.85 million) and Group Chief Financial Officer Deon Viljoen (R107.59 million). In FY2026 alone the gap is smaller: Discovery’s report shows Swartzberg at R28.78 million and Viljoen at R30.44 million. Moneyweb notes that Kallner and Neville Koopowitz, who heads Vitality in the UK and is paid in pounds, are disclosed as prescribed officers rather than directors.
How the scorecards compare
Discovery’s report shows Kallner measured on Discovery Bank financial outcomes (38% weighting), business growth (17%) and strategic outcomes (45%), for a personal score of 108%. Gore’s personal score was 96.5%, assessed on group financial outcomes (25%), strategic outcomes (40%) and ESG outcomes (35%). Moneyweb reports that Gore met his financial and ESG measures while the strategic measure was only partly met.
The group scorecard that feeds the single incentive plan scored 123.6%. Discovery reports normalised operating profit up 17%, diluted headline earnings per share up 34%, and revenue growth of 6%.
The remuneration committee also used its discretion. According to the report, it adjusted the threshold and stretch percentages for Kallner’s OPSI and profit targets “to ensure his total package remains market competitive if outperformance targets are achieved”, following a benchmarking exercise. Discovery says additional OPSI schemes, including one for Discovery Bank, were put in place during FY2026.
Pay gaps and the shareholder vote
The report puts the highest-paid employee’s total at R65.48 million and says that figure was materially affected by the vesting of long-term share awards granted over several years, including OPSI awards. Discovery does not name that person, and Moneyweb says it is believed to be Kallner. That is a different measure from the R51.3 million, which counts awards for the year rather than those that vested.
Among South African permanent employees, the average total remuneration of the top 5% is R6.2 million and of the bottom 5% is R214,458, a ratio of 28.9. The median is R535,837. Discovery has raised its minimum annual wage in South Africa to R220,000, or R260,000 for Discovery Bank roles.
Shareholders have been supportive. At the 2025 annual general meeting, 94.4% voted for the remuneration policy and 96.1% for the implementation report, up from 94.3% and 93.3% in 2024, though both votes were advisory. That is changing. Sections 30A and 30B of the Companies Act, which took effect on 22 May 2026, replace the advisory vote with a binding ordinary resolution, and Discovery says it will put its policy to shareholders at its November AGM. We covered the new rules in our report on Mr Price’s binding pay vote.
For other listed companies, Discovery’s table is a useful template for what a single figure does and does not include. More on executive pay is in our Shoprite CEO pay story and in our Markets & Finance section.
