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earningsBusiness Report writes that Standard Bank chief executive Sim Tshabalala’s total remuneration rose 9% to R48.50-million for the year to end of December, compared to the R44.58m he received in 2016.  

The bank on Wednesday indicated in its annual report that the package included a guaranteed salary of R9.1m, an annual bonus of R11.4m, R14m in an annual deferred award, as well as an additional R14m as part of the group’s performance reward programme (PRP).  The group said Tshabalala led the group in a challenging environment and he showed quiet but very influential leadership.  Previously Tshabalala had been joint CEO with Ben Kruger, who is now executive director and who was paid R46.5m, which consisted of a R9.08m salary.  The CFO for the group, Arno Daehnke, walked away with R32,447m for 2017.  The three prescribed officers for the group received between R29,517m and R43,950m in remuneration.  One of the prescribed officers who resigned last year also received remuneration of R40,994m.  Other banks’ chief executives were paid handsomely during the period.  Capitec Bank’s chief executive Gerrie Fourie was leader with a total remuneration R56.6m.  Absa bank chief executive Maria Ramos received R37m, while Nedbank’s Mike Brown was paid R38m during the year.

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