BDLive reports that Investec appears to have blithely ignored UK rules capping variable pay for banking executives, paying CEO Stephen Koseff bonuses more than quadruple his salary for the year to March.
Consulting firm Pensions & Investment Research Consultants has urged Investec’s shareholders to vote against the group’s remuneration report on 4 August, claiming Koseff’s variable pay exceeded his salary by 500%. Koseff received £4.4m in total pay for the year. He was awarded £2.9m in short-term, deferred and long-term incentive plan bonuses during the period, far above his base salary of £409,015. Bernard Kantor, the group’s MD, received the same total pay and awards, compared with a salary of £445,128. Yet, Investec spokeswoman Ursula Nobrega said the group had complied fully with requirements. Fund manager Allan Gray, one of Investec’s largest shareholders, has expressed unhappiness with its remuneration in the run-up to the AGM.
- Read this report by Moyagabo Maake in full at BDLive
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