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Sefalana Group paid its executive directors a combined P40.546 million in remuneration for the 52-week financial year ended 26 April 2026, with Group Managing Director Chandra Chauhan receiving the largest package at P19.184 million, according to the company’s 2026 Integrated Annual Report.
The disclosure covers four executives who served on the board during the year: Chauhan, Group Finance Director Mohamed Osman, Bryan Davis and Gerhard Scheepers. Their packages included salaries, retirement and other benefits, short-term incentives, and long-term incentives, although the mix differed significantly by role.
Sefalana divides executive remuneration into guaranteed pay and performance-based incentives. Guaranteed pay includes salary and benefits, while annual incentives depend on meeting specified financial thresholds.
For the Group Managing Director and Group Finance Director, incentive awards are linked to measures including revenue growth, profit before tax growth, earnings per share growth and sustainability performance. The Group moved return on capital employed into the long-term incentive component.
For the 2026 remuneration model, 45% of the incentive award for the two senior executives was payable in cash as a short-term incentive, while the remaining 55% was deferred as a long-term incentive. The deferred portion vests after three years, subject to the applicable terms.
The company also reported that all executive directors receive a pension contribution equivalent to 7.5% of salary, while all except the Group Finance Director are provided with a company car.
Chandra Chauhan: P19.2 Million
Chandra Chauhan, Sefalana’s Group Managing Director, received P19.184 million in total remuneration in 2026, making him the highest-paid executive director.
His package comprised a salary of P6.2 million, retirement and other benefits of P465,000, short-term incentives of P3.488 million and long-term incentives of P9.031 million.
Long-term incentives accounted for the largest component of his remuneration, reflecting Sefalana’s approach of deferring part of the compensation awarded to its most senior executives. The deferred component is designed to encourage retention and link executive rewards to the Group’s longer-term performance and shareholder value creation.
Chauhan, 64, is a chartered accountant who trained and qualified with KPMG in the United Kingdom. He holds a Bachelor of Accountancy Honours degree from the University of Zimbabwe and is a member of the Institute of Chartered Accountants in England and Wales and the Botswana Institute of Chartered Accountants.
He joined Sefalana’s board in August 2002 and has overseen the Group’s turnaround and restructuring. He leads a diversified business with operations spanning wholesale, retail, distribution, manufacturing, property, and other activities across the region.
Sefalana increased Chauhan’s total guaranteed package by 14.8%, effective 1 May 2025, after three years without an increase. The remuneration report says a further 10.7% increase took effect on 1 May 2026.
Mohamed Osman: P13.8 Million
Mohamed Osman, the Group Finance Director, received P13.801 million in total remuneration during the year.
His package consisted of a salary of P4.347 million, retirement and other benefits of P326,000, short-term incentives of P2.445 million and long-term incentives of P6.683 million.
As with Chauhan, long-term incentives made up the largest incentive component of Osman’s package. The structure reflects Sefalana’s decision to defer a portion of the remuneration awarded to its two most senior executives.
Osman, 49, joined Sefalana as Deputy Group Finance Director in March 2012 and was promoted to Group Finance Director in January 2014. He previously spent 15 years away from Botswana, including more than a decade working with KPMG and Ernst & Young in the United Kingdom and experience with international retail and manufacturing businesses.
He holds a Bachelor of Commerce Honours degree from the University of Birmingham, is a Fellow Chartered Accountant qualified through the Institute of Chartered Accountants in England and Wales, and has an MBA in International Management from the University of Edinburgh. He has also attended executive leadership courses at Harvard Business School and MIT Sloan School of Management.
His responsibilities include overseeing the Group’s financial management. In his annual report, Osman highlighted Sefalana’s P12 billion revenue, a strengthened balance sheet, and net assets exceeding P3.2 billion, while acknowledging pressure on profitability from difficult trading conditions and higher funding costs.
Sefalana increased Osman’s total guaranteed package by 8.8%, effective 1 May 2025. Like Chauhan, he received a further 10.7% increase effective 1 May 2026.
Bryan Davis: P3.5 Million
Bryan Davis received P3.532 million in total remuneration during the 2026 financial year, substantially less than the packages paid to Chauhan and Osman.
His remuneration comprised a salary of P2.662 million, retirement and other benefits of P247,000 and short-term incentives of P623,000. The report records no long-term incentive payment for Davis during the year.
Unlike the Group Managing Director and Group Finance Director, executive directors outside those two positions receive their full annual incentives in cash rather than splitting the award between a cash payment and deferred long-term incentives.
Sefalana’s management disclosures identify Davis as the executive leading Metro Cash & Carry. His remuneration therefore reflects the package awarded to an executive responsible for a business unit within the wider Group, rather than the Group-wide leadership responsibilities held by Chauhan and Osman.
Gerhard Scheepers: P4 Million
Gerhard Scheepers received P4.029 million in total remuneration for the year. His package included a salary of P2.348 million and retirement and other benefits of P1.681 million.
The report states that retirement and other benefits include terminal benefits. Scheepers’ package contained no short-term or long-term incentive payments in the 2026 disclosure.
Scheepers completed his four-year term as an executive director on 31 March 2026. He was chief executive officer of Sefalana Cash & Carry and originally joined the Group in Lesotho in 2016.
His departure means the remuneration reported for him covers a financial year in which he left the board one month before the 26 April year-end. The relatively high retirement and other benefits figure should therefore be read in the context of his exit, rather than treated as a recurring annual benefit.