{"id":203016,"date":"2017-10-05T09:07:00","date_gmt":"2017-10-05T07:07:00","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=203016"},"modified":"2017-10-05T09:25:10","modified_gmt":"2017-10-05T07:25:10","slug":"firstrand-execs-score-r206-million-payday","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/203016\/firstrand-execs-score-r206-million-payday\/","title":{"rendered":"FirstRand execs score R206 million payday"},"content":{"rendered":"

Banking group FirstRand has published its integrated annual report for the 2017 financial year<\/a><\/strong>, revealing how much the group’s top executives were paid.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The salaries are outlined in the table below:<\/p>\n

\n
\n\n\n\n\n\n\n\n\n
Executive<\/th>\nRole<\/th>\nGuaranteed pay<\/th>\nVariable pay<\/th>\nConditional incentive<\/th>\nTotal reward<\/th>\n<\/tr>\n
Johan Burger<\/td>\nGroup CEO<\/td>\nR9.74 million<\/td>\nR25.8 million<\/td>\nR18.35 million<\/td>\nR53.89 million<\/strong><\/td>\n<\/tr>\n
Alan Pullinger<\/td>\nDeputy CEO<\/td>\nR7.0 million<\/td>\nR21.2 million<\/td>\nR14.63 million<\/td>\nR42.83 million<\/strong><\/td>\n<\/tr>\n
James Formby<\/td>\nRMB CEO<\/td>\nR3.24 million<\/td>\nR22.5 million<\/td>\nR7.5 million<\/td>\nR33.24 million<\/strong><\/td>\n<\/tr>\n
Jacques Celliers<\/td>\nFNB CEO<\/td>\nR6.75 million<\/td>\nR12.0 million<\/td>\nR11.94 million<\/td>\nR30.69 million<\/strong><\/td>\n<\/tr>\n
Hetash Kellan<\/td>\nExecutive Financial Director<\/td>\nR6.0 million<\/td>\nR8.5 million<\/td>\nR8.6 million<\/td>\nR23.1 million<\/strong><\/td>\n<\/tr>\n
Chris de Kock<\/td>\nWesBank CEO<\/td>\nR4.7 million<\/td>\nR8.5 million<\/td>\nR9.2 million<\/td>\nR22.4 million<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

FirstRand’s salaries make the group’s executives the highest paid out of the major retail banking groups.<\/p>\n

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.<\/p>\n

For Capitec, CEO Gerrie Fourie’s drop can be explained by the 2016 being a year for a large long term incentive payout.<\/p>\n

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.<\/p>\n

The table below shows how the salaries for banking CEOs compare for the latest financial years reported.<\/p>\n

\n
\n\n\n\n\n\n\n\n\n
Bank<\/th>\nCEO<\/th>\nFY 2016 Salary<\/th>\nFY 2017 Salary<\/th>\nChange (%)<\/th>\n<\/tr>\n
FirstRand<\/td>\nSizwe Nxasana\/Johan Burger<\/td>\nR62.5 million<\/td>\nR53.9\u00a0million<\/strong><\/td>\n-13.8%<\/td>\n<\/tr>\n
Standard Bank<\/td>\nSim Tshabalala<\/td>\nR44.5\u00a0million<\/strong><\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Standard Bank<\/td>\nBen Kruger<\/td>\nR44.5\u00a0million<\/strong><\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Nedbank<\/td>\nMike Brown<\/td>\nR36.8\u00a0million<\/strong><\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Absa<\/td>\nMaria Ramos<\/td>\nR29.5\u00a0million<\/strong><\/td>\n–<\/td>\n–<\/td>\n<\/tr>\n
Capitec<\/td>\nGerrie Fourie<\/td>\nR35.6\u00a0million<\/td>\nR20.1\u00a0million<\/strong><\/td>\n-43.5%<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

Includes reported share awards and incentives<\/em><\/small><\/p>\n

\n

Read:\u00a0Top banking brand for business in South Africa<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Banking group FirstRand has published its integrated annual report for the 2017 financial year, revealing how much the group’s top executives got paid.<\/p>\n","protected":false},"author":10,"featured_media":120283,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[],"class_list":["post-203016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/203016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=203016"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/203016\/revisions"}],"predecessor-version":[{"id":203064,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/203016\/revisions\/203064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/120283"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=203016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=203016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=203016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}