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Sunday World reports that Standard Bank Group chief executive Sim Tshabalala saw his total remuneration package in 2024 rise by 7.1% to a cool R89 million, from the R83 million he earned in 2023.
Among other benefits, Tshabalala’s income included R11,879,000 in fixed income and R24 million in short-term incentives. Kenny Fihla, who was announced as the bank’s group deputy chief executive in August 2024 and who has since resigned to take up the CEO post at Absa, saw his total remuneration package decrease to R67,292,000 from R69,903,000 in 2023. Group chief finance office Arno Daehnke’s remuneration package saw a marginal increase from R68,057,000 to R68,359,000 The total remuneration packages of Standard Bank’s top nine managers rose to R495 million. The bank’s chairman, businesswoman Nonkululeko Nyembezi-Heita, pocketed just above R8 million for her efforts. These financial rewards came as Standard Bank Group saw its profit grow by 11% to R19.7 billion for the 2024 financial year. But, while the top managers grinned all the way to the bank, the bank’s staff were not so lucky. The 2024 annual report shows that the bank’s total staff costs, inclusive of salaries and wages, averaged a 3% increase to R32.8 billion.
- Read the full original of the report in the above regard by Mpho Sibanyoni at Sunday World
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