{"id":700291,"date":"2023-06-30T12:32:57","date_gmt":"2023-06-30T10:32:57","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=700291"},"modified":"2023-06-30T12:32:57","modified_gmt":"2023-06-30T10:32:57","slug":"massive-r175-million-payday-for-investec-ceo","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/banking\/700291\/massive-r175-million-payday-for-investec-ceo\/","title":{"rendered":"Massive R175 million payday for Investec CEO"},"content":{"rendered":"\n

The Investec Group CEO, Fani Titi, has received a huge pay increase for the 2023 financial year.<\/p>\n\n\n\n

Last month, the group released its financial results for the year ended 31 March 2023, with the group achieving a robust financial performance, despite the challenging economic environment. <\/p>\n\n\n\n

Dividends per share increased 24% from 25 pence (R5.95) in 2022 to 31 pence (R7.41) in 2023.<\/p>\n\n\n\n

Adjusted operating profit also grew from \u00a3687.4 million (R16.4 billion) in 2022 to \u00a3835.0 million (R20 billion) in 2023 <\/p>\n\n\n\n

Headline earnings per share also jumped from 53.3 pence (R12.74) in 2022 to 66.8 pence (R15.96) – a 25.3% increase. <\/p>\n\n\n\n

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

Given the rand’s weakness, Investec’s Directors, who are paid in Pound Sterling, earn considerably more than they would have a few years prior. <\/p>\n\n\n\n

According to the group’s annual report, Titi has seen his single-figure remuneration rise from \u00a34.3 million (R102 million) to \u00a37.5 million (R177.6 million). <\/strong><\/p>\n\n\n\n

Titi saw his long-term incentives rise by 191% from \u00a31.6 million (R37.90 million) in 2022 to \u00a34.8 million (R113 million). <\/p>\n\n\n\n

This makes Titi the highest-paid CEO of a company involved in banking services, far ahead of the R62.09 million paid to second-placed Capitec CEO Gerrie Fourie. <\/p>\n\n\n\n

Nishlan Samugh, the group’s Finance Director, saw the most significant percentage increase in total remuneration, jumping 147% from \u00a31.7 million (R41.2 million) in 2022 to \u00a34.3 million (R101 million) in 2023. <\/p>\n\n\n\n

However, soon to be departing, Investec Bank CEO Richard Wainwright saw his remuneration decline by \u00a320,000 – still above \u00a32.1 million (R50.7 million). <\/p>\n\n\n\n

In addition, MD of Investec PLC Ciaran Whelen, who is also set to step down as a director, saw his total remuneration decline by 4% to \u00a32.06 million (R49.23 million). <\/p>\n\n\n\n

Overall, the four executives earned an average remuneration of R94.53 million. <\/p>\n\n\n

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Overall, the group spent \u00a3973.3 million (R23 billion) on employee remuneration. <\/p>\n\n\n\n

Investec’s website said that the group employs 8,500 staff across its operations between South Africa and the UK, with the average employee in the group thus earning R2.7 million per year. <\/p>\n\n\n\n

Moreover, Investec said that the CEO pay ratio – which compares the salary of the lowest-paid employee in the group to the CEO – rose from 83.3 to 141.5. <\/p>\n\n\n\n

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CEO vs lowest-paid worker salaries in South Africa<\/a><\/blockquote>