{"id":57071,"date":"2014-05-08T11:27:55","date_gmt":"2014-05-08T09:27:55","guid":{"rendered":"http:\/\/businesstech.co.za\/news\/?p=57071"},"modified":"2014-05-08T11:27:55","modified_gmt":"2014-05-08T09:27:55","slug":"sa-banking-body-questions-executive-pay","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/57071\/sa-banking-body-questions-executive-pay\/","title":{"rendered":"SA banking body questions executive pay"},"content":{"rendered":"

Cas Coovadia, MD of the Banking Association of SA has questioned the sustainability of executives pay.<\/p>\n

It comes in the wake of Standard Bank’s full-year integrated report which revealed that the bank\u2019s co-CEOs Ben Kruger and Sim Tshabalala took home a combined salary of R57.5 million for the bank\u2019s full year.<\/p>\n

\u201cI don\u2019t think we can sustain a situation where a corporate makes a loss or has flat results and the executive remuneration rises,” Coovadia told Bloomberg in interview at the World Economic Forum in Abuja, Nigeria.<\/p>\n

\u201cI think a link between performance and executive remuneration needs to be clearer.\u201d
\nCoovadia told Bloomberg that the banking body would begin talks with its members on the matter of executive pay.<\/p>\n

\u201cGiven the context in South Africa, there\u2019s no doubt, even if it\u2019s just optically, that it creates a problem,\u201d said Coovadia. \u201cIn the long term, it\u2019s just not sustainable.\u201d<\/p>\n

Standard Bank’s Kruger and Tshabalala each saw a 60% increase in total salary for the role of CEO at the bank in 2013.<\/p>\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\u2019s Maria Ramos, and and 13.2% jump for Nedbank\u2019s Mike Brown \u2013 who remains the highest paid banking CEO in SA.<\/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 executive pay in SA<\/h3>\n

What SA\u2019s banking CEOs earn<\/strong><\/a><\/p>\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","protected":false},"excerpt":{"rendered":"

Cas Coovadia, MD of the Banking Association of SA has questioned the sustainability of executives pay.<\/p>\n","protected":false},"author":10,"featured_media":45043,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[961],"tags":[29,7899,76,26,1639,1799,499],"class_list":["post-57071","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-absa","tag-banking-association-of-sa","tag-fnb","tag-headline","tag-michael-jordaan","tag-nedbank","tag-standard-bank"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/57071","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=57071"}],"version-history":[{"count":4,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/57071\/revisions"}],"predecessor-version":[{"id":57081,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/57071\/revisions\/57081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/45043"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=57071"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=57071"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=57071"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}