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.


Get other news reports at the SA Labour News home page