Nedbank CEO scores R38 million salary

Nedbank has published its integrated financial report for 2017, showing how much its executives got paid last year – including a R38 million payday for CEO Mike Brown.

According to the report, Nedbank paid a total of R173 million to its executive team and the board of directors in 2017.

Brown earned a basic salary of R8.1 million, and scored bonuses worth R13.75 million. The rest of his pay package was made up of vested shares as part of his long-term (LTI) incentives and dividends paid, bringing the total to R38.124 million.

The CEO was also awarded a R14.5 million worth of shares for the year, as part of his LTI.

Managing Executive for Nedbank Corporate and Investment Banking, Brian Kennedy, was the second highest earner on the group’s books, taking home R36.25 million for the year, followed by group COO, Mfundo Nkhulu who earned R25.7 million.

CFO, Raisibe Morathi took home R21.8 million, ME of Nedbank Retail and Business Banking, Ciko Thomas earned R18 million, and Nedbank Wealth’s Iolanda Ruggerio pocketed R12.9 million.

Brown’s and a few other executives’ salaries were down from 2016, despite the bank providing a solid performance for the year.

In March, the bank reported that headline earnings, including losses in associate income of R744 million from its associate bank Ecobank Transnational Incorporated (ETI), increased 2.8% to R11.8 billion.

This translated into an increase in diluted headline earnings per share (DHEPS) of 2.4% to R24.06 and an increase in HEPS of 2.2% to R24.52.

Despite the growth, Brown’s salary was 2.3% down from the R39 million he earned in 2016, while Nkhulu’s, Morathi’s and Ruggiero’s salaries were also lower.

The table below shows the salary changes from 2016 to 2017:

Executive Role 2016 salary 2017 salary Change
Mike Brown CEO R39.02 million R38.12 million -2.3%
Brian Kennedy ME: Nedbank Corporate and Investment R34.72 million R36.25 million +4.4%
Mfundo Nkuhlu COO R25.95 million R25.74 million -0.8%
Raisibe Morathi CFO R21.88 million R21.76 million -0.6%
Ciko Thomas ME: Nedbank Retail and Business R15.66 million R17.99 million +14.9%
Iolanda Ruggiero ME: Nedbank Wealth R13.27 million R12.85 million -3.2%

Fees for non-executive directors were up from 2016, with the group paying out R20 million to 17 members, up from R17.3 million paid in the previous year.

Read: Nedbank profit climbs, lifts dividend

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Nedbank CEO scores R38 million salary