Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

earningsBloomberg reports that Investec increased the compensation of CEO Stephen Koseff by 9.9% after earnings and dividends at the SA/UK bank and money manager increased.  

According to Investec’s annual report, Koseff earned £4.36 million (R84 million) in the fiscal year through March, which included base pay of £1.32 million, a deferred bonus of £562,000, a fixed allowance of £1 million and long-term incentives valued at £1.48 million.  That compares with a fixed salary of £970,000 last year and a deferred bonus of £2 million in 2015.  Koseff, 64, has been at the helm of Investec for 20 years, making him the longest-serving CEO among SA’s major banks.  The UK’s Pensions and Investment Research Consultants and SA’s Public Investment Corporation (PIC) last year described Koseff’s pay as excessive.  The company’s Johannesburg-traded stock has declined 19% this year, the most of the country’s five biggest banks.

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