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Moneyweb reports that Standard Bank’s group chief executives, Ben Kruger and Sim Tshabalala, received total remuneration of nearly R45 million each in 2016, an increase of 3% on the year prior.
in 2015, combined compensation jumped by 43%, with Kruger’s total increasing by 61% and Tshabalala’s by 28% to (near) parity. At that time, the bank said remuneration had been “normalised”. Peter Sullivan, chairman of the Remuneration Committee (Remco), wrote in the Integrated Report published on Friday that “the chief executives (CEs) met or exceeded most expectations in the areas where they have direct responsibility and accountability”. However, Liberty’s 61% drop in earnings had a “significant” impact on the group’s results. Taking the Liberty effect into account, the Remco agreed on a 4% increase in total short-term incentive, in line with the growth in headline earnings. Actual cash earned in the year (including benefits and allowances) totaled just over R19 million for each CEO. In total, remuneration for five executive directors and prescribed officers was R209.3 million in 2016.
- Read this report by Hilton Tarrant in full at Moneyweb
- See too, Standard Bank executives get paid R209m in 2016, at Business Report
Get other news reports at the SA Labour News home page