Standard Bank has published its integrated financial report for 2018, revealing how much its top executives got paid.
For the year ended December 2018, Standard Bank Group delivered sustainable earnings growth and improved returns.
Group revenue grew 3%, however, the Standard Bank of South Africa’s revenue was flat amid a weaker-than-expected local economy.
The lender’s headline earnings per share (HEPS) increased 7% to R17.48, compared with R16.20 in 2017.
Group headline earnings grew 6% to R27.9 billion, and ROE improved to 18.0% from 17.1% for the year ended December 2017.
A final dividend of 540 cents per share was declared, resulting in a total dividend of 970 cents per share, an increase of 7% on the prior year, Standard Bank said.
Standard Bank CEO, Sim Tshabalala’s pay amounted to R49.38 million. This comprises his fixed salary of R10 million, and a cash reward of R11.35 million.
The group CEO also got a deferred award of R14 million as well as a performance award of the same amount.
Tshabalala’s salary equates to him earning around R135,000 a day.
Standard Bank’s former joint-CEO, Ben Kruger (now retired) took home R34.85 million in his final year at the bank, while financial director, Arno Daehnke received R35 million for the year.
None of Standard Bank’s top six executives received a total package under R30 million for the year, with chief executive of wealth, Margaret Nienaber, taking the ‘smallest’ amount among the executives at R31.38 million.
Combined the six executives received a total of R226.4 million in salaries – averaging R37.7 million per exec.
Based on Standard Bank’s reported numbers, the group spent R33.77 billion on staff costs in 2018 for its 53,178 employees (including salaries and benefits). This translates to R635,000 per employee.
The average executive earned 59 times more than the average employee, with the CEO earning 78 times more.
Stats SA’s latest Quarterly Employment Survey, showed that the average employee in South Africa earned R20,190 a month, or R242,280 a a year – putting Tshabalala’s salary at 204 times greater.
The table below outlines what Standard Bank’s top executives earned, and how that translates per day.
|Employee||Total Remuneration||Average per day|
|S Tshabalala||R49.4 million||R135 300|
|A Fihla||R38.6 million||R105 700|
|Z Manyathi||R37.1 million||R101 700|
|A Daehnke||R35.0 million||R96 000|
|B Kruger||R34.9 million||R95 500|
|M Nienaber||R31.4 million||R86 000|
|Standard Bank average||R635 037||R1 740|
|South Africa average||R242 280||R650|