{"id":255319,"date":"2018-06-29T14:27:28","date_gmt":"2018-06-29T12:27:28","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=255319"},"modified":"2018-06-29T14:27:28","modified_gmt":"2018-06-29T12:27:28","slug":"investec-old-guard-scores-r182-million-payday","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/255319\/investec-old-guard-scores-r182-million-payday\/","title":{"rendered":"Investec old guard scores R182 million payday"},"content":{"rendered":"

Private and investment banking group, Investec has published its annual report for the latest financial year, revealing how its top executives were paid over the period.<\/p>\n

According to the report, exiting Investec CEO\u00a0Stephen Koseff was paid a total package of\u00a0\u00a33.503 million for the period, which included a basic salary of\u00a0\u00a31.694 million, a\u00a0\u00a3809,000 bonus and\u00a0\u00a31 million in shares.<\/p>\n

The group’s managing director, Bernard Kantor – who is also stepping down from the group – was paid exactly the same as Koseff.<\/p>\n

Converted into rands at the current rates (R18.06 to the pound), the duo’s salaries are easily some of the highest among South African bankers<\/a><\/strong> at R63.25 million.<\/strong><\/p>\n

Koseff’s and Barndard’s total pay did not include the outstanding \u00a31.48 million that forms part of a long-term incentive that was awarded, as this amount will be forfeited.<\/p>\n

This is because both executives are stepping down from their roles, and on termination of employment, outstanding long-term incentive awards will be pro-rated based on time served relative to the performance period of the award, the bank said.<\/p>\n

Also stepping down is executive director for group risk and finance, Glynn Burger, who earned\u00a0\u00a33.095 million (R55.9 million).<\/p>\n

CEO of Investec Asset Management, Hendrik du Toit, received the biggest paycheque of\u00a0\u00a36.088 million (R109.9 million). He was awarded a bonus of \u00a35.637 million, determined solely in relation to the performance of Investec Asset Management – 20% of which he reinvested in the company’s shares to be held for three years.<\/p>\n

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New executives<\/strong><\/p>\n

Du Toit and Fani Titi have been appointed as joint CEO designates with effect from 1 April 2018. From April 2019, Ciaran Whelan will take over as group risk director and\u00a0Kim McFarland wall take over as group finance and operations director.<\/p>\n

As part of the remuneration report, Investec has put forward proposed salaries for these executives for the current financial year.<\/p>\n

Fixed pay<\/strong><\/p>\n