Today's Labour News

Fin24 reports that Standard Bank’s senior executive team laughed all the way to the bank in 2023 thanks to exorbitant remuneration increases that far outpaced inflation as well as the group's total staff cost increases.

The group’s remuneration report, which was published last week, showed the top six executives received average pay increases of 45% in 2023. That was almost eight times last year’s prevailing inflation rate of 6% and almost three times the 17% increase in bank’s total staff costs for 2023. CEO Sim Tshabalala’s total single-figure remuneration for 2023 came in at R83.304 million, 50% higher than the R55.694 million he received in 2022. Last year’s payment included fixed remuneration of R11.67 million; a cash incentive of R10.8 million; a deferred incentive of R13.2 million; and R47.634 million in vested income from a group performance reward plan. Arno Daehnke, chief financial officer, received a 55% hike to his total single-figure remuneration, which increased to R68.057 million in 2023, from R43.837 million the prior year. Personal and private banking CEO, Funeka Montjane, also received a bumper pay day thanks to a 56% rise in her total single-figure remuneration. Kenny Fihla, who heads the corporate and investment banking (CIB) unit, received a tidy 39% increase in total single-figure remuneration. Bill Blackie, who used to work in the CIB unit but now heads up business and commercial banking, saw his total single-figure remuneration rise 35%. Chief operating officer Margaret Nienaber enjoyed a 37% bump in her single-figure remuneration.

• Read the full original of the report in the above regard by Garth Theunissen at Fin24
• Read too, Standard Bank executives in R400m payday, at Moneyweb

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