R52 million pay cut for CEO of South Africa’s most exclusive bank
The Investec Group CEO Fani Titi’s salary decreased by 30.2% for the 2024 financial year, receiving a single-figure remuneration package of £5.24 million (R120 million).
Last month, the group released its financial results for the year ended 31 March 2024. The group achieved a robust financial performance despite the challenging economic environment.
Overall, the group’s revenue increased by 20.9% in rand terms from £1.99 billion (R40 billion at current exchange rates) to £2.09 billion (R49 billion).
With headline earnings per share increasing by 22.7% in rand terms to 72.9 pence (R17.16), the group upped its total dividend by roughly 28.07% to 34.5 pence (R8.12) per share.
“Revenue momentum is expected to continue, underpinned by book growth, stronger client activity levels and success in our client acquisition strategies, partly offset by expected cuts in interest rates,” said the group.
“The Group remains well positioned to continue to support its clients amidst the uncertain macro-economic outlook. We have strong capital and liquidity levels to navigate the current environment and pursue our identified growth initiatives in our chosen markets,” it added.
Executive pay
The 2024 Group Chief Executive remuneration awarded decreased by 2.4%, and the single figure of remuneration decreased by 30.2%.
The Committee believes that the Executive Directors have performed well, and the remuneration outcomes reflect the overall financial and non-financial performance for the one—and three-year performance periods.
As a result, Titi’s single-figure remuneration has dropped from £7.50 million (R172 million) to £5.24 million (R120.57 million).
Titi’s long-term incentives dropped by 44.6% from £4.8 million (R110 million) in 2022 to £2.7 million (R62 million).
His single-figure remuneration is calculated based on the value of fixed pay paid during the year, short-term incentives awarded for the year and long-term incentives where the performance conditions were assessed during the year.
Despite this, Titi is still the highest-paid CEO of a company involved in banking services, far ahead of the R92.5 million paid to second-placed Nedbank CEO Mike Brown.
Nishlan Samugh, the group’s Finance Director, also saw a percentage decrease in total remuneration, declining 29% from £4.3 million in 2023 to £3.0 million in 2024.
However, soon-to-be-departed Investec Bank CEO Richard Wainwright saw his remuneration increase by £710,000 to above £2.85 million due to vested incentives as he left the CEO role.
Wainwright will continue in an executive role until his planned retirement in 2025.
In addition, Ciaran Whelen, MD of Investec PLC, also stepped down as a director, and his total remuneration rose by 36.9% to £2.82 million.
Overall, the four executives earned an average remuneration of R94.53 million.
The table below outlines what Investec’s top executives earned and how much that translates to per day:
| Director | Salary | Per Day |
|---|---|---|
| Fani Titi | R121 million | R331,507 |
| Nishlan Samujh | R69 million | R189,041 |
| Richard Wainwright | R66 million | R180,082 |
| Ciaran Whelan | R65 million | R178,082 |
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