FirstRand execs score R206 million payday
Banking group FirstRand has published its integrated annual report for the 2017 financial year, revealing how much the group’s top executives were paid.
For 2017, FirstRand paid its top six executives, including CEO Johan Burger and FNB head Jacques Celliers, a total of R206.15 million, including guaranteed, variable and conditional incentive awards.
Burger was the highest earner, with a total package of R53.9 million for the year, followed by deputy CEO, Alan Pullinger with R42.8 million.
Financial director, Hetash Kellan, earned R23.1 million, and the leads of the FirstRand divisions (FNB, RMB and WesBank) earned R30.7 million, R33.2 million and R22.4 million, respectively.
The salaries are outlined in the table below:
| Executive | Role | Guaranteed pay | Variable pay | Conditional incentive | Total reward |
|---|---|---|---|---|---|
| Johan Burger | Group CEO | R9.74 million | R25.8 million | R18.35 million | R53.89 million |
| Alan Pullinger | Deputy CEO | R7.0 million | R21.2 million | R14.63 million | R42.83 million |
| James Formby | RMB CEO | R3.24 million | R22.5 million | R7.5 million | R33.24 million |
| Jacques Celliers | FNB CEO | R6.75 million | R12.0 million | R11.94 million | R30.69 million |
| Hetash Kellan | Executive Financial Director | R6.0 million | R8.5 million | R8.6 million | R23.1 million |
| Chris de Kock | WesBank CEO | R4.7 million | R8.5 million | R9.2 million | R22.4 million |
FirstRand’s salaries make the group’s executives the highest paid out of the major retail banking groups.
For the two banks that have reported full year results for the 2017 financial year (FirstRand and Capitec), the salaries paid to CEOs has dropped significantly – though it should be noted that Burger’s salary is being compared to former CEO, Sizwe Nxasana, who had a big payday in his last year as chief executive.
For Capitec, CEO Gerrie Fourie’s drop can be explained by the 2016 being a year for a large long term incentive payout.
The 2017 salaries for the rest of the retail banking CEOs will only be published in 2018, as their financial years end in December 2017.
The table below shows how the salaries for banking CEOs compare for the latest financial years reported.
| Bank | CEO | FY 2016 Salary | FY 2017 Salary | Change (%) |
|---|---|---|---|---|
| FirstRand | Sizwe Nxasana/Johan Burger | R62.5 million | R53.9 million | -13.8% |
| Standard Bank | Sim Tshabalala | R44.5 million | – | – |
| Standard Bank | Ben Kruger | R44.5 million | – | – |
| Nedbank | Mike Brown | R36.8 million | – | – |
| Absa | Maria Ramos | R29.5 million | – | – |
| Capitec | Gerrie Fourie | R35.6 million | R20.1 million | -43.5% |
Includes reported share awards and incentives
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