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Rainbow gives Dally a 58% pay rise

Rainbow gives Dally a 58% pay rise
July 21, 2005

By Samantha Enslin

Miles Dally, the chief executive of Rainbow Chicken, received a 58 percent rise in his annual package to R4.2 million, including a R1.2 million bonus, for the year to March 2005.

Non-executive chairman Thys Visser, who sits on the remuneration committee, could not be reached for comment on the increase yesterday.

The group’s annual report said bonuses paid related to the financial year to March 2004, when Rainbow reported a 24 percent increase in headline earnings to R227.4 million.

In the year to March 2005 Rainbow reported a 6.3 percent dip in headline earnings to R213 million