Business Report writes that Nedbank CEO, Mike Brown received a salary of R38 million last year, according to the bank’s integrated financial report for 2017.  

In total, the bank spent R173 million for its executive team and board of directors last year.  Brown received a basic salary of R8.1 million, while his bonuses totalled to R13.75 million.  The rest of his salary consisted of vested shares which were part of his long-term (LTI) incentives and dividends.  This came to a total of R38.124 million.  Brown received R14.5 million worth of shares for the year as part of his LTI.  The second highest earner was Managing Executive for Nedbank Corporate and Investment Banking, Brian Kennedy.  He received R36.25 million for the year.  The bank’s group COO, Mfundo Nkhulu followed in line by earning R25.7 million.

• Read this report in full at Business Report

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