{"id":321143,"date":"2019-06-03T18:00:29","date_gmt":"2019-06-03T16:00:29","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=321143"},"modified":"2019-06-03T16:50:00","modified_gmt":"2019-06-03T14:50:00","slug":"meet-the-south-african-bosses-who-earn-around-r140000-a-day","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/321143\/meet-the-south-african-bosses-who-earn-around-r140000-a-day\/","title":{"rendered":"Meet the South African bosses who earn around R140,000 a day"},"content":{"rendered":"

South Africa\u2019s big banks have all published their full annual reports for the 2018 financial year, detailing how much their chief executive officers are remunerated.<\/p>\n

South Africa\u2019s retail banking chiefs are some of the best paid executives in the country, as they continue to post impressive profits for their companies while working in a difficult environment.<\/p>\n

FNB boss Jacques Celliers was the lowest paid CEO, taking home just over R29 million for the 2018 financial year. However this data is for the year ended June<\/a> <\/strong>2018, so is not quite as up-to-date as the other groups.<\/p>\n

By comparison, Capitec CEO Gerrie Fourie was the highest paid boss taking home R56.6 million in 2018.<\/p>\n

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

A 2018 report by remuneration consultancy\u00a021st Century<\/a><\/strong>\u00a0found that CEOs at large cap companies earn an average basic salary of R5.35 million, with short-term and long-term incentives taken into account, this would bring the average closer to R13 million.<\/p>\n

On a guaranteed package level, the average large-cap CEO earns around 20 times more than the average employee (R274,525).<\/p>\n

South Africa’s biggest banking groups buck this trend by some margin, with the average CEO being paid a basic salary of R9.3 million – and when bonuses and incentives are factored in this jumps to an average of R44.6 million.<\/p>\n

Previous research by BusinessTech<\/a><\/strong> found that the average banking CEO gets paid 102 times more than the average employee in the sector.<\/p>\n

Here\u2019s how the country’s retail banking CEOs got paid in the 2018 financial year (2018 for Capitec), including how much they made over 365 days<\/strong>.<\/p>\n

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Capitec CEO – Gerrie Fourie – R155,068 a day
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Group CEO, Gerrie Fourie nearly doubled<\/a> <\/strong>his take-home pay for the year to, R95 million, having received a R56.6 million payout in 2018, thanks mainly to a long-term incentive (LTI), along with a 10% increase in his basic pay package.<\/p>\n

His guaranteed pay amounts to R11.65 million, while he scored R78.669 million for LTIs, giving Fourie a daily pay packet of R260,263 a day.<\/p>\n

The bank continues to grow its client base (15% over the past year), to 11.4 million. On average, it said that 127,000 clients join the bank each month.<\/p>\n

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FirstRand CEO – Johan Burger\u00a0 & FNB CEO – Jacques Celliers – <\/strong>R135,260 & R80,246 a day<\/strong><\/p>\n

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FirstRand CEO Johan Burger was paid R49.37 million for the 2018 financial year.\u00a0 However this is for the year ended June<\/a> <\/strong>2018.<\/p>\n

FNB CEO Jacques Celliers was paid R29.29 million for the 2018 financial year.<\/p>\n

FirstRand\u2019s new salary information will be published in October.<\/p>\n

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Standard Bank CEO – Sim Tshabalala – R135,287 a day
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Standard Bank CEO, Sim Tshabalala\u2019s pay amounted<\/a><\/strong> to R49.38 million. This comprised of his fixed salary of R10 million, and a cash reward of R11.35 million.<\/p>\n

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

Tshabalala\u2019s salary equates to him earning around R135,000 a day.<\/p>\n

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Nedbank CEO – Mike Brown – R145,205 a day
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Mike Brown Photographer: Waldo Swiegers\/Bloomberg<\/p><\/div>\n

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

CEO Mike 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 \u2018at face value\u2019.<\/p>\n

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

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Absa CEO – Maria Ramos – R81,369 a day
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\"Maria<\/a><\/p>\n

Retired Absa CEO Maria Ramos earned<\/a> <\/strong>a total pay package of R29.7 million in her final year at the financial services company, topping off her decade as chief executive of the group.<\/p>\n

Ramos announced her retirement from Absa in January 2019, with her plan to leave the company after her 60th birthday in February.<\/p>\n

Ramos\u2019 guaranteed pay was cut from just under R15 million in 2017, to R13.8 million in 2018, with a short-term incentive of R15.9 million \u2013 taking her total pay to R29.7 million for the year.<\/p>\n

Though not paid out for 2018, the bank still lists a cost-to-company for Ramos of R10 million to be paid out in the 2019 financial year.<\/p>\n

Absa paid a total of R74 million to its executive directors and R68 million to its prescribed officers, totalling R142 million for the year, averaging R15.8 million per executive.<\/p>\n

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Salary breakdown<\/strong><\/p>\n

The salaries below show the total remuneration received by the respective CEOs in the 2018 financial year.<\/p>\n

It also shows what their guaranteed salaries are – excluding bonuses, shares and the various short term and reported long term incentives that make up the majority of their annual take-home pay.<\/p>\n

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\n\n\n\n\n\n\n\n\n\n
Bank<\/th>\nCEO<\/th>\n2018 Salary*<\/th>\nZAR per day<\/th>\nExcluding bonuses<\/th>\n<\/tr>\n
Capitec<\/td>\nGerrie Fourie<\/td>\nR56.60 million<\/td>\nR155 068<\/td>\nR31 918<\/td>\n<\/tr>\n
FirstRand<\/td>\nJohan Burger<\/td>\nR49.37 million<\/td>\nR135 260<\/td>\nR28 027<\/td>\n<\/tr>\n
Standard Bank<\/td>\nSim Tshabalala<\/td>\nR49.38 million<\/td>\nR135 288<\/td>\nR27 342<\/td>\n<\/tr>\n
Nedbank<\/td>\nMike Brown<\/td>\nR53.00 million<\/td>\nR145 205<\/td>\nR23 479<\/td>\n<\/tr>\n
Absa<\/td>\nMaria Ramos<\/td>\nR29.70 million<\/td>\nR81 370<\/td>\nR23 562<\/td>\n<\/tr>\n
FNB<\/td>\nJacques Celliers<\/td>\nR29.29 million<\/td>\nR80 247<\/td>\nR19 425<\/td>\n<\/tr>\n
Average<\/strong><\/td>\n<\/td>\nR44.55 million<\/strong><\/td>\nR139 603<\/strong><\/td>\nR25 626<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n<\/div>\n

* Capitec salary information represents FY2019<\/em><\/p>\n

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Read: Organised crime syndicates are using fake debit orders to take billions of rands from South Africans<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa\u2019s big banks have all published their full annual reports for the 2018 financial year, detailing how much their CEOs are remunerated.<\/p>\n","protected":false},"author":10,"featured_media":314702,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[1798,76,26,1799,499],"class_list":["post-321143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-capitec","tag-fnb","tag-headline","tag-nedbank","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/321143","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=321143"}],"version-history":[{"count":14,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/321143\/revisions"}],"predecessor-version":[{"id":321197,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/321143\/revisions\/321197"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/314702"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=321143"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=321143"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=321143"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}