{"id":312334,"date":"2019-04-18T10:57:39","date_gmt":"2019-04-18T08:57:39","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=312334"},"modified":"2019-04-18T10:57:39","modified_gmt":"2019-04-18T08:57:39","slug":"standard-banks-top-6-executives-rake-in-over-r225-million","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/312334\/standard-banks-top-6-executives-rake-in-over-r225-million\/","title":{"rendered":"Standard Bank’s top 6 executives rake in over R225 million"},"content":{"rendered":"

Standard Bank has published its integrated financial report for 2018, revealing how much its top executives got paid.<\/p>\n

For the year ended December 2018, Standard Bank Group delivered sustainable earnings growth and improved returns.<\/p>\n

Group revenue grew 3%, however, the Standard Bank of South Africa\u2019s revenue was flat amid a weaker-than-expected local economy.<\/p>\n

The lender\u2019s headline earnings per share (HEPS) increased 7% to R17.48, compared with R16.20 in 2017.<\/p>\n

Group headline earnings grew 6% to R27.9 billion, and ROE improved to 18.0% from 17.1% for the year ended December 2017.<\/p>\n

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.<\/p>\n

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

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

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.<\/p>\n

The group CEO also got a deferred award of R14 million as well as a performance award of the same amount.<\/p>\n

Tshabalala’s salary equates to him earning around R135,000 a day.<\/p>\n

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.<\/p>\n

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

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.<\/p>\n

Combined the six executives received a total of R226.4 million in salaries<\/strong> – averaging R37.7 million per exec.<\/p>\n

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.<\/p>\n

The average executive earned 59 times more than the average employee, with the CEO earning 78 times more.<\/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 – putting Tshabalala’s salary at 204 times greater.<\/p>\n

The table below outlines what Standard Bank\u2019s 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
S Tshabalala<\/td>\nR49.4 million<\/td>\nR135 300<\/td>\n<\/tr>\n
A Fihla<\/td>\nR38.6 million<\/td>\nR105 700<\/td>\n<\/tr>\n
Z Manyathi<\/td>\nR37.1 million<\/td>\nR101 700<\/td>\n<\/tr>\n
A Daehnke<\/td>\nR35.0 million<\/td>\nR96 000<\/td>\n<\/tr>\n
B Kruger<\/td>\nR34.9 million<\/td>\nR95 500<\/td>\n<\/tr>\n
M Nienaber<\/td>\nR31.4 million<\/td>\nR86 000<\/td>\n<\/tr>\n
Standard Bank average<\/em><\/td>\nR635 037<\/em><\/td>\nR1 740<\/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: Capitec CEO scores massive R95 million payday<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Standard Bank has published its integrated financial report for 2018, revealing how much its top executives got paid.<\/p>\n","protected":false},"author":10,"featured_media":198066,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[26,499],"class_list":["post-312334","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-headline","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/312334","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=312334"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/312334\/revisions"}],"predecessor-version":[{"id":312400,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/312334\/revisions\/312400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/198066"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=312334"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=312334"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=312334"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}