{"id":56475,"date":"2014-05-05T00:33:07","date_gmt":"2014-05-04T22:33:07","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=56475"},"modified":"2014-05-14T13:42:16","modified_gmt":"2014-05-14T11:42:16","slug":"what-sas-banking-ceos-earn","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/56475\/what-sas-banking-ceos-earn\/","title":{"rendered":"What SA’s banking CEOs earn"},"content":{"rendered":"

Capitec and Standard Bank have released their full-year integrated reports, filling in the final pieces that give the full picture of what CEOs in the South African banking sector earn.<\/p>\n

The reports – for Standard Bank’s full year 2013 and Capitec’s full year 2014 – show what the banks’ top executives took home in the last financial year.<\/p>\n

While South African banking executives continue to lift salaries and take multi-million rand bonuses, Capitec remains relatively modest in rewarding its executives.<\/p>\n

Former Capitec CEO, Riaan Stassen, who retired from the position at the end of 2013, bucked the trend of multi-million rand bonuses in the banking sector, taking home a relatively small R9 million paycheck for his final year at the bank, including a R88,000 bonus.<\/p>\n

Stassen’s base salary of R8.8 million, however, is still the highest basic salary out of the five South African banks covered.<\/p>\n

Stassen was succeeded by current CEO, Gerrie Fourie, who took over the reins from 1 January 2014. Fourie’s pay totaled R2.43 million for the year.<\/p>\n

In contrast, Standard Bank executives saw a 60% jump in total executive pay for the 2013 financial year – for both of its chief executives – which included bonuses of over R20.5 million, each.<\/p>\n

Standard bank’s big paycheque<\/h3>\n

In its integrated report, Standard Bank’s co-CEOs Ben Kruger and Sim Tshabalala took home a combined salary of R57.5 million for the bank’s full year.<\/p>\n

Kruger earned a basic salary of R7.96 million, with a cash bonus of R9.4 million, and a deferred bonus of R11.1 million, bringing his total pay to R28.81 million.<\/p>\n

Tshabalala earned a basic salary of R7.65 million, with a cash bonus of R9.4 million, and a deferred bonus of R11.1 million, bringing his total pay to R28.68 million.<\/p>\n

Kruger and Tshabalala succeeded former Standard Bank chief executive, Jacko Maree, who retired in the previous financial year.<\/p>\n

In 2012, Maree took home a total package of R18 million, off a basic salary of R6.34 million – 34% less than the R27.2 million he pocketed the year prior.<\/p>\n

This means that Kruger and Tshabalala each saw a 60% increase in total salary for the role of CEO at the bank.<\/p>\n

\"SA<\/a>

SA banking CEO pay<\/p><\/div>\n

Other bank CEO pay<\/h3>\n

In early April, both Nedbank and Absa bank released their integrated reports for the 2013 financial year, revealing a 72% pay boost for Absa’s Maria Ramos, and and 13.2% jump for Nedbank’s Mike Brown – who remains the highest paid banking CEO in SA.<\/p>\n

Ramos\u2019 basic salary remained unchanged in 2013 at R6.68 million; however, with the addition of R22 million in bonuses and other variable income, the executive\u2019s total pay amounted to R28.65 million for 2013.<\/p>\n

Brown’s total pay comprised a R6.53 million salary (up 4.6% from 2012), R13 million in performance bonuses and R13 million in share-based awards – much higher than the R28.75 million he earned in 2012.<\/p>\n

Former FNB CEO, Michael Jordaan \u2013 who stepped down from the position at the end of 2013 \u2013 pocketed R22.1 million in 2013, up 29.2% from R17.089 million in 2012.<\/p>\n

Banking CEO salaries, 2013 (2014, Capitec) in ZAR millions<\/h3>\n
\n\n\n\n\n\n\n\n\n
Bank<\/strong><\/td>\nCEO<\/strong><\/td>\nBase salary
\n<\/strong><\/td>\n		Total package
\n<\/strong><\/td>\n<\/tr>\n
Nedbank<\/td>\nMike Brown<\/td>\n6.532<\/td>\n32.532<\/td>\n<\/tr>\n
Standard Bank<\/td>\nBen Kruger<\/td>\n7.962<\/td>\n28.806<\/td>\n<\/tr>\n
Standard Bank<\/td>\nSim Tshabalala<\/td>\n7.648<\/td>\n28.682<\/td>\n<\/tr>\n
Absa<\/td>\nMaria Ramos<\/td>\n6.658<\/td>\n28.658<\/td>\n<\/tr>\n
FNB<\/td>\nMichael Jordaan<\/td>\n4.917<\/td>\n22.108<\/td>\n<\/tr>\n
Capitec<\/td>\nRiaan Stassen<\/td>\n8.859<\/td>\n9.052<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

SA banking CEO salary increase\/decrease, 2011 – 2013 (ZAR millions)<\/h3>\n
\n\n\n\n\n\n\n\n
<\/td>\nSalary 2011<\/strong><\/td>\nSalary<\/strong> 2012<\/strong><\/td>\n2011-2012 change
\n<\/strong><\/td>\n		Salary<\/strong> 2013<\/strong><\/td>\n2012-2013 change
\n<\/strong><\/td>\n<\/tr>\n
Absa<\/td>\n20.70<\/td>\n16.66<\/td>\n-19.5%<\/span><\/td>\n28.66<\/td>\n72.0%<\/span><\/td>\n<\/tr>\n
Standard Bank<\/td>\n27.24<\/td>\n18.00<\/td>\n-34.0%<\/span><\/td>\n28.80<\/td>\n60%<\/span><\/td>\n<\/tr>\n
FNB<\/td>\n14.79<\/td>\n17.10<\/td>\n15.6%<\/span><\/td>\n22.10<\/td>\n29.2%<\/span><\/td>\n<\/tr>\n
Nedbank<\/td>\n26.14<\/td>\n28.75<\/td>\n10.0%<\/span><\/td>\n32.53<\/td>\n13.2%<\/span><\/td>\n<\/tr>\n
Capitec<\/td>\n11.16<\/td>\n10.52<\/td>\n-5.7%<\/span><\/td>\n10.80<\/td>\n2.6%<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

More on SA banking<\/h3>\n

Banking CEO salaries climb even higher<\/a><\/strong><\/p>\n

Which banking CEO earns the highest salary?<\/a><\/strong><\/p>\n

Are banking CEOs paid their worth?<\/a><\/strong><\/p>\n

Salary disconnect in SA IT industry<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Capitec and Standard Bank have released their full-year integrated reports, filling in the final pieces that give the full picture of what CEOs in the South African banking sector earn.<\/p>\n","protected":false},"author":14,"featured_media":44482,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,7833,4563,1798,76,26,1799,4564,499],"class_list":["post-56475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-banking-ceos","tag-bonuses","tag-capitec","tag-fnb","tag-headline","tag-nedbank","tag-salary","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/56475","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\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=56475"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/56475\/revisions"}],"predecessor-version":[{"id":56765,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/56475\/revisions\/56765"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/44482"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=56475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=56475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=56475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}