{"id":310122,"date":"2019-04-10T09:38:15","date_gmt":"2019-04-10T07:38:15","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=310122"},"modified":"2019-04-10T09:38:15","modified_gmt":"2019-04-10T07:38:15","slug":"nedbank-ceo-scores-massive-r53-million-payday","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/310122\/nedbank-ceo-scores-massive-r53-million-payday\/","title":{"rendered":"Nedbank CEO scores massive R53 million payday"},"content":{"rendered":"

Nedbank has published its integrated annual report for 2018, showing how much its executives were paid – including CEO, Mike Brown.<\/p>\n

The bank published its financial results for the year ended December 2018 in March, showing a 14.5% lift in headline earnings, to R13.5 billion, while ROE improved from 16.4% to 17.9%.<\/p>\n

This translated into a 3.7% increase in diluted headline earnings per share, to R27.36, and an increase in HEPS of 13.9%, to R27.93.<\/p>\n

Brown said that progress in 2018 enabled the bank to grow its market share of main-banked clients across all business clusters.<\/p>\n

“Our strategic enablers, including ongoing technology investments through our managed evolution programme, our people, our culture and our brand continue to create a more client-focused, agile, competitive and digital Nedbank,” he said.<\/p>\n

“The innovations we plan to launch during 2019 are expected to result in another step change in client experiences, enabling ongoing revenue growth and efficiencies over time.”<\/p>\n

Nedbank said it increased its retail main-banked clients by 7% to 7.9 million customers, giving it a market share up to 13.1%.<\/p>\n

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

Nedbank paid its top six executives a combined R210.2 million in 2018, averaging R35 million per executive.<\/p>\n

Brown was the best paid, taking home a total package of R53 million for the year.<\/p>\n

This included a guaranteed salary of R8.5 million, a cash bonus of the same amount, a short-term incentive payout of R16 million, and a long-term incentive (LTI) of R16.5 million ‘at face value’.<\/p>\n

Taking into account share performance and dividend payouts, the LTI value increases, giving a single figure remuneration of R53 million.<\/p>\n

Managing executive Brian Kennedy home just under R43.5 million, followed by chief operating officer, Mfundo Nkuhlu, with R32.9 million and chief financial officer, Raisibe Morathi with R30 million.<\/p>\n

A full breakdown of executive pay is below:<\/p>\n

\"\"<\/a> \"\"<\/a><\/p>\n

Per day comparison<\/strong><\/p>\n

Brown’s executive pay translates to just over R145,200 a day (over 365 days).<\/p>\n

Based on Nedbank’s staff costs (R13.4 billion) and employee figures (31,277), the average employee at the bank earns R428,400 a year, or R1,170 a day.<\/p>\n

Stats SA\u2019s latest Quarterly Employment Survey, showed that the average employee in South Africa earned R20,190 a month, or R242,280 a a year.<\/p>\n

The table below outlines what Nedbank’s top executives earned, and how that translates per day.<\/p>\n

\n
\n\n\n\n\n\n\n\n\n\n\n
Employee<\/strong><\/td>\nTotal Remuneration<\/strong><\/td>\nAverage per day<\/strong><\/td>\n<\/tr>\n
M Brown<\/td>\nR53.0 million<\/td>\nR145 230<\/td>\n<\/tr>\n
B Kennedy<\/td>\nR43.5 million<\/td>\nR119 150<\/td>\n<\/tr>\n
M Nkuhlu<\/td>\nR32.9 million<\/td>\nR90 030<\/td>\n<\/tr>\n
R Morathi<\/td>\nR30.0 million<\/td>\nR82 140<\/td>\n<\/tr>\n
C Thomas<\/td>\nR28.7 million<\/td>\nR78 690<\/td>\n<\/tr>\n
I Ruggiero<\/td>\nR22.1 million<\/td>\nR60 630<\/td>\n<\/tr>\n
Nedbank average<\/em><\/td>\nR428 430<\/em><\/td>\nR1 170<\/em><\/td>\n<\/tr>\n
South Africa average<\/em><\/td>\nR242 280<\/em><\/td>\nR650<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n
\n

Read: This South African insurance boss earns over R85,000 a day<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Nedbank has published its integrated annual report for 2018, showing how much its executives were paid – including CEO, Mike Brown.<\/p>\n","protected":false},"author":10,"featured_media":263511,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,1799],"class_list":["post-310122","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-nedbank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/310122","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=310122"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/310122\/revisions"}],"predecessor-version":[{"id":310190,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/310122\/revisions\/310190"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/263511"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=310122"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=310122"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=310122"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}